Allianz Asset Management GmbH Sells 25,677 Shares of Spotify Technology $SPOT

Allianz Asset Management GmbH decreased its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 9.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,674 shares of the company's stock after selling 25,677 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.13% of Spotify Technology worth $150,215,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. State Street Corp increased its position in Spotify Technology by 1.1% during the 3rd quarter. State Street Corp now owns 4,622,298 shares of the company's stock valued at $3,226,364,000 after purchasing an additional 48,070 shares during the period. Capital World Investors increased its position in Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company's stock valued at $1,663,024,000 after purchasing an additional 133,108 shares during the period. Fisher Asset Management LLC increased its position in Spotify Technology by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company's stock valued at $1,547,890,000 after purchasing an additional 62,887 shares during the period. Coatue Management LLC increased its position in Spotify Technology by 13.3% during the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company's stock valued at $1,258,615,000 after purchasing an additional 212,006 shares during the period. Finally, Geode Capital Management LLC increased its position in Spotify Technology by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company's stock valued at $991,223,000 after purchasing an additional 93,274 shares during the period. Institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Down 1.3%

NYSE:SPOT opened at $496.56 on Wednesday. The company has a market cap of $102.23 billion, a PE ratio of 39.57, a P/E/G ratio of 1.23 and a beta of 1.56. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company's 50 day moving average is $481.98 and its two-hundred day moving average is $512.39.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology's revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 EPS. As a group, analysts expect that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the completion of the sale, the chief executive officer directly owned 20,376 shares in the company, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company's stock, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 111,442 shares of company stock worth $54,647,508 in the last 90 days. 0.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of research reports. Pivotal Research cut their target price on shares of Spotify Technology from $420.00 to $400.00 and set a "hold" rating on the stock in a research report on Wednesday, April 29th. The Goldman Sachs Group cut their target price on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Rosenblatt Securities raised their target price on shares of Spotify Technology from $500.00 to $534.00 and gave the company a "neutral" rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Finally, Wells Fargo & Company lifted their price objective on shares of Spotify Technology from $580.00 to $600.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus target price of $655.92.

Spotify Technology Company 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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