Axiom Investors LLC DE Has $136.72 Million Stock Position in Spotify Technology $SPOT

Axiom Investors LLC DE decreased its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 54.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 235,431 shares of the company's stock after selling 279,277 shares during the period. Spotify Technology accounts for approximately 1.2% of Axiom Investors LLC DE's holdings, making the stock its 20th biggest holding. Axiom Investors LLC DE owned about 0.11% of Spotify Technology worth $136,717,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SPOT. Sivia Capital Partners LLC acquired a new position in Spotify Technology during the 2nd quarter worth about $312,000. Jump Financial LLC lifted its position in Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company's stock worth $869,000 after buying an additional 56 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in Spotify Technology during the 2nd quarter worth about $178,000. NewEdge Advisors LLC lifted its position in Spotify Technology by 36.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company's stock worth $9,707,000 after buying an additional 3,412 shares in the last quarter. Finally, Glenview Trust co acquired a new position in Spotify Technology during the 2nd quarter worth about $298,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SPOT. Citizens Jmp upped their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a "market outperform" rating in a research report on Friday, May 22nd. Daiwa Securities Group began coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They set an "outperform" rating and a $535.00 target price on the stock. Cantor Fitzgerald upped their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the company a "neutral" rating in a research report on Tuesday, May 26th. Weiss Ratings upgraded shares of Spotify Technology from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, May 4th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus price target of $655.92.

Spotify Technology Trading Down 1.3%

Spotify Technology stock opened at $496.56 on Wednesday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The company has a market cap of $102.23 billion, a PE ratio of 39.57, a PEG ratio of 1.23 and a beta of 1.56. 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 (EPS) for the quarter, beating analysts' consensus estimates 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%. The company's revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.07 EPS. Research analysts forecast that Spotify Technology will post 14.72 EPS for the current year.

Insiders Place Their Bets

In related news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the 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 completion of the sale, the director owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 111,442 shares of company stock worth $54,647,508 over the last ninety days. Company insiders own 0.40% of the company's stock.

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.

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