Annex Advisory Services LLC Increases Stake in Spotify Technology $SPOT

Key Points

• Annex Advisory Services LLC boosted its stake in Spotify Technology (NYSE:SPOT) by 5.2% in Q4 to 61,223 shares, worth about $35.55 million.
• Spotify delivered a strong quarterly beat with $5.16 EPS vs. $3.16 expected and $5.32B revenue vs. $5.14B, and analysts hold a consensus "Moderate Buy" with an average price target of $689.33.
• Institutional ownership is high (84.09%) but recent insider sales (including CEOs) and large fund position changes could add selling pressure despite continued analyst support.

Annex Advisory Services LLC increased its stake in Spotify Technology (NYSE:SPOT - Free Report) by 5.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,223 shares of the company's stock after purchasing an additional 3,037 shares during the quarter. Annex Advisory Services LLC's holdings in Spotify Technology were worth $35,553,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in SPOT. Capital World Investors increased its holdings in shares of Spotify Technology by 40.7% in 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 in the last quarter. Capital Research Global Investors purchased a new position in shares of Spotify Technology in the 3rd quarter valued at about $512,190,000. Principal Financial Group Inc. increased its holdings in shares of Spotify Technology by 3,534.9% in the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company's stock valued at $398,889,000 after purchasing an additional 555,752 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Spotify Technology by 157.5% during the 3rd quarter. Alliancebernstein L.P. now owns 699,930 shares of the company's stock valued at $488,551,000 after acquiring an additional 428,156 shares in the last quarter. Finally, Scge Management L.P. purchased a new position in Spotify Technology during the 2nd quarter valued at about $250,153,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Barclays dropped their target price on shares of Spotify Technology from $650.00 to $600.00 and set an "overweight" rating for the company in a report on Wednesday, April 8th. Arete Research upgraded shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 target price for the company in a report on Thursday, February 26th. Moffett Nathanson assumed coverage on shares of Spotify Technology in a report on Tuesday, January 27th. They set a "neutral" rating and a $487.00 target price for the company. Pivotal Research downgraded shares of Spotify Technology from a "buy" rating to a "hold" rating and dropped their target price for the company from $875.00 to $420.00 in a report on Wednesday, February 11th. Finally, KeyCorp dropped their target price on shares of Spotify Technology from $830.00 to $720.00 and set an "overweight" rating for the company in a report on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $689.33.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $511.29 on Wednesday. The business has a 50-day moving average of $487.96 and a two-hundred day moving average of $560.90. The firm has a market capitalization of $105.26 billion, a PE ratio of 53.04, a P/E/G ratio of 1.12 and a beta of 1.70. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Wednesday, February 11th. The company reported $5.16 EPS for the quarter, topping analysts' consensus estimates of $3.16 by $2.00. The company had revenue of $5.32 billion for 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%.The company's quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the business posted $1.88 EPS. As a group, research analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Insider Buying and Selling

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

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: New/continued analyst support — Morgan Stanley initiated coverage with an "Overweight" and a $630 target, and Jefferies reiterated a Buy with a $650 target; multiple firms maintain bullish price targets, adding buying interest into the stock.
• Positive Sentiment: Monetization tailwinds: analysts and market commentary highlight Spotify’s recent ad-product rollouts (Carousel Ads, Sponsored Playlist upgrades, split testing, automated bidding) plus U.S. Premium price increases — together these strengthen the path to higher ARPU and margin improvement, a likely driver of the rally. Spotify shares rise as investors focus on new ad tools and monetization tailwinds
• Positive Sentiment: Product/UX improvements may reduce churn and boost engagement — recent coverage highlights UI improvements (ability to remove autoplaying videos), insights into how shuffle works, and user "hacks" that improve experience, which support long-term retention and monetization potential. Spotify finally lets you kill all those annoying videos The shuffle isn't random: Spotify's patents reveal how it really works 10 hacks every Spotify user should know
• Neutral Sentiment: Valuation comparisons — recent pieces compare Spotify vs. Paycom (PAYC) for value investors; these frames can attract research-driven flows but don’t change fundamentals immediately. PAYC or SPOT: Which Is the Better Value Stock Right Now? PAYC or SPOT: Which Is the Better Value Stock Right Now?
• Neutral Sentiment: Analysts expect a quiet Q1 ahead of earnings — coverage notes Spotify is "not expected to deliver any major surprises" for the April 28 report, which reduces downside risk but also limits potential catalysts. Spotify not expected to deliver any major surprises when it reports Q1 earnings
• Negative Sentiment: Insider and institutional selling flags — recent reporting notes insiders have sold shares and some large institutions reduced positions in late 2025; that can temper investor enthusiasm and add supply pressure if selling continues. Spotify shares rise as investors focus on new ad tools and monetization tailwinds
• Negative Sentiment: Minor price-target tweak from Wells Fargo — Wells Fargo trimmed its target from $650 to $640 while keeping an Overweight call; the cut is small but highlights modest near-term uncertainty among some sell-side analysts. Benzinga

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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