14,176 Shares in Spotify Technology $SPOT Acquired by Robinhood Asset Management LLC

Key Points

• Robinhood Asset Management bought a new stake of 14,176 shares of Spotify (NYSE:SPOT) in Q4, valued at about $8.23 million per its latest 13F filing.
• Institutional ownership is 84.09%, with major moves including Capital World Investors adding 789,755 shares to reach 2,730,713 shares, Capital Research opening a ~$512.2M position, Principal Financial increasing by 555,752 shares, and AllianceBernstein adding 428,156 shares.
• Insiders sold significant stock: CEO Gustav Soderstrom sold 20,833 shares for roughly $9.86M (cutting his stake by ~50.27%), and Alex Norstrom sold 5,436 shares for about $2.61M (a 7.21% ownership reduction).

Robinhood Asset Management LLC bought a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 14,176 shares of the company's stock, valued at approximately $8,233,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Capital World Investors lifted its holdings in shares of Spotify Technology by 40.7% during the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company's stock valued at $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors acquired a new position in Spotify Technology during the 3rd quarter valued at about $512,190,000. Principal Financial Group Inc. increased its position in Spotify Technology by 3,534.9% during the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company's stock valued at $398,889,000 after buying an additional 555,752 shares in the last quarter. Alliancebernstein L.P. raised its stake in Spotify Technology by 157.5% in the third quarter. Alliancebernstein L.P. now owns 699,930 shares of the company's stock valued at $488,551,000 after buying an additional 428,156 shares during the last quarter. Finally, Scge Management L.P. acquired a new stake in Spotify Technology in the second quarter worth about $250,153,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SPOT shares. Weiss Ratings lowered shares of Spotify Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, February 26th. Citizens Jmp initiated coverage on shares of Spotify Technology in a research note on Wednesday, December 17th. They set a "market outperform" rating and a $800.00 price target on the stock. Sanford C. Bernstein decreased their price target on shares of Spotify Technology from $830.00 to $650.00 and set an "outperform" rating for the company in a report on Wednesday, January 14th. Cantor Fitzgerald dropped their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a "neutral" rating on the stock in a report on Wednesday, February 11th. Finally, Wells Fargo & Company reduced their target price on Spotify Technology from $750.00 to $710.00 and set an "overweight" rating for the company in a research note on Tuesday, January 13th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $699.00.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the transaction, the chief executive officer owned 20,609 shares in the company, valued at approximately $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the sale, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.40% of the company's stock.

Spotify Technology Stock Down 1.0%

Spotify Technology stock opened at $483.91 on Tuesday. The business's 50-day moving average price is $489.25 and its 200 day moving average price is $570.65. The firm has a market cap of $99.63 billion, a price-to-earnings ratio of 50.20, a price-to-earnings-growth ratio of 1.07 and a beta of 1.70. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.16 by $2.00. The company had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology's revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.88 earnings per share. Equities analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.

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