Assenagon Asset Management S.A. Raises Stake in Spotify Technology $SPOT

Key Points

• Assenagon Asset Management boosted its Spotify stake by 5.7% in the first quarter, buying 9,352 shares and bringing its total holdings to 172,409 shares worth about $83.6 million.
• Several other large institutional investors also increased their positions, and hedge funds and other institutions now own 84.09% of Spotify’s stock.
• Analyst sentiment remains generally positive, with a Moderate Buy consensus and an average price target of $652.16, even as some firms trimmed targets or downgraded ratings.

Assenagon Asset Management S.A. increased its position in Spotify Technology (NYSE:SPOT - Free Report) by 5.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 172,409 shares of the company's stock after buying an additional 9,352 shares during the period. Assenagon Asset Management S.A. owned about 0.08% of Spotify Technology worth $83,603,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. State Street Corp grew its holdings in Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company's stock valued at $2,736,450,000 after buying an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Spotify Technology by 4.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company's stock valued at $2,247,042,000 after purchasing an additional 149,479 shares during the period. Capital World Investors increased its position in Spotify Technology by 4.9% during the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company's stock worth $1,663,024,000 after purchasing an additional 133,108 shares during the last quarter. Fisher Asset Management LLC increased its position in Spotify Technology by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company's stock worth $1,547,890,000 after purchasing an additional 62,887 shares during the last quarter. Finally, Coatue Management LLC raised its stake in Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company's stock worth $1,423,251,000 after purchasing an additional 647,708 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SPOT. Wall Street Zen lowered shares of Spotify Technology from a "buy" rating to a "hold" rating in a report on Saturday, June 13th. Pivotal Research cut their target price on 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 reduced their target price on Spotify Technology from $670.00 to $600.00 and set a "buy" rating on the stock in a report on Wednesday, April 29th. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Finally, Canaccord Genuity Group dropped their price target 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. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $652.16.

Insider Buying and Selling at Spotify Technology

In other news, 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 in the company, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the sale, the director owned 3,619 shares in the company, valued at $1,903,594. This represents a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 111,442 shares of company stock worth $54,647,508. Insiders own 0.40% of the company's stock.

Spotify Technology Trading Down 0.1%

Shares of Spotify Technology stock opened at $454.83 on Thursday. The company has a fifty day moving average price of $479.21 and a 200 day moving average price of $503.81. 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 $93.64 billion, a price-to-earnings ratio of 36.24, a price-to-earnings-growth ratio of 1.11 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned $1.07 EPS. Analysts forecast that Spotify Technology will post 14.68 earnings per share for the current 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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