4,000 Shares in Spotify Technology $SPOT Bought by ACT Capital Management LLC

Key Points

• ACT Capital Management LLC opened a new position in Spotify Technology, buying 4,000 shares valued at about $2.32 million. The stake represents roughly 1.9% of the firm’s portfolio.
• Spotify’s stock was down 2.8%, trading at $456.54, and remains below both its 50-day and 200-day moving averages. The shares have ranged from a 52-week low of $405 to a high of $785.
• The company recently reported better-than-expected quarterly results, with EPS of $4.04 versus estimates of $3.41 and revenue of $5.25 billion. Analysts currently rate the stock a Moderate Buy with an average target price of $652.16.

ACT Capital Management LLC purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 4,000 shares of the company's stock, valued at approximately $2,323,000. Spotify Technology accounts for approximately 1.9% of ACT Capital Management LLC's investment portfolio, making the stock its 16th biggest position.

Several other hedge funds have also recently modified their holdings of SPOT. Norges Bank acquired a new stake in Spotify Technology in the fourth quarter valued at $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Spotify Technology by 1,382.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company's stock valued at $724,251,000 after acquiring an additional 1,163,045 shares during the period. Capital World Investors lifted its holdings in Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company's stock valued at $1,906,260,000 after acquiring an additional 789,755 shares during the period. Capital Research Global Investors acquired a new stake in Spotify Technology in the third quarter valued at $512,190,000. Finally, Coatue Management LLC lifted its holdings in Spotify Technology by 35.9% in the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company's stock valued at $1,423,251,000 after acquiring an additional 647,708 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Down 2.8%

Spotify Technology stock opened at $456.54 on Thursday. The stock has a market cap of $93.99 billion, a PE ratio of 36.38, a P/E/G ratio of 1.15 and a beta of 1.56. The stock has a 50-day moving average price of $481.68 and a 200 day moving average price of $507.77. 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 posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to analysts' expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm's quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 EPS. On average, equities analysts predict that Spotify Technology will post 14.68 EPS for the current year.

Insider Buying and Selling

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. The trade was a 7.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares of the company's stock, valued at $1,903,594. This trade represents a 60.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 111,442 shares of company stock worth $54,647,508 over the last ninety days. Insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Rosenblatt Securities raised their target price on Spotify Technology from $500.00 to $534.00 and gave the company a "neutral" rating in a report on Friday, May 22nd. KeyCorp reduced their target price on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. JPMorgan Chase & Co. raised their target price on Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. Cantor Fitzgerald lifted their price target on Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 26th. Finally, Wall Street Zen downgraded Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, June 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $652.16.

About Spotify Technology

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.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.