Arrow Capital Management LLC Purchases Shares of 11,970 Spotify Technology $SPOT

Key Points

• Arrow Capital Management opened a new position in Spotify Technology during the fourth quarter, buying 11,970 shares valued at about $6.95 million. The stake now represents roughly 4% of the firm’s portfolio.
• Large institutional investors continue to hold major positions in Spotify, and hedge funds and other institutions own 84.09% of the stock overall. Other notable buyers included State Street, Price T Rowe, and Coatue Management.
• Analysts remain mostly positive on SPOT, with a consensus rating of “Moderate Buy” and an average price target of $652.16. However, several firms trimmed their target prices even while keeping bullish ratings.

Arrow Capital Management LLC purchased a new position in Spotify Technology (NYSE:SPOT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,970 shares of the company's stock, valued at approximately $6,951,000. Spotify Technology makes up approximately 4.0% of Arrow Capital Management LLC's portfolio, making the stock its 9th biggest position.

Other large investors have also modified their holdings of the company. State Street Corp increased its stake in Spotify Technology by 1.9% during the 4th quarter. State Street Corp now owns 4,712,249 shares of the company's stock valued at $2,736,450,000 after purchasing an additional 89,951 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Spotify Technology by 4.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company's stock worth $2,247,042,000 after buying an additional 149,479 shares during the period. Capital World Investors grew its holdings in shares of Spotify Technology by 4.9% during the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company's stock valued at $1,663,024,000 after buying an additional 133,108 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Spotify Technology by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company's stock valued at $1,547,890,000 after buying an additional 62,887 shares during the last quarter. Finally, Coatue Management LLC increased its position in shares of Spotify Technology by 35.9% in the 4th 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. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

SPOT has been the subject of a number of research analyst reports. The Goldman Sachs Group reduced their target price on Spotify Technology from $670.00 to $600.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Wells Fargo & Company boosted their price target on Spotify Technology from $580.00 to $600.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. KeyCorp cut their price objective on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating on the stock in a report on Wednesday, April 29th. Canaccord Genuity Group reduced their price objective on Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Finally, Benchmark decreased their target price on Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $652.16.

Insider Transactions 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. Over the last 90 days, insiders sold 111,442 shares of company stock worth $54,647,508. Insiders own 0.40% of the company's stock.

Spotify Technology Trading Up 2.9%

Shares of SPOT stock opened at $468.74 on Friday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The stock has a market cap of $96.50 billion, a P/E ratio of 37.35, a P/E/G ratio of 1.11 and a beta of 1.56. The stock has a 50 day moving average of $481.41 and a 200 day moving average of $506.85.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business's quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.07 EPS. On average, research analysts predict that Spotify Technology will post 14.68 earnings per share for the current fiscal year.

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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