Bastion Asset Management Inc. Invests $2.66 Million in Spotify Technology $SPOT

Key Points

• Bastion Asset Management disclosed a new first-quarter position in Spotify Technology, buying 5,508 shares valued at about $2.66 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 84.09% of Spotify’s stock, even as several insiders recently sold shares. CEO Alex Norstrom and director Thomas O. Staggs both sold stock, and insiders have sold $54.8 million worth over the past 90 days.
• Wall Street remains broadly positive on Spotify, with an average rating of Moderate Buy and a consensus price target of $638.58. The company also recently beat quarterly earnings estimates, reporting $4.04 EPS versus expectations of $3.41.

Bastion Asset Management Inc. acquired a new position in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 5,508 shares of the company's stock, valued at approximately $2,663,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. D.A. Davidson & CO. lifted its holdings in Spotify Technology by 3.9% during the 1st quarter. D.A. Davidson & CO. now owns 13,295 shares of the company's stock worth $6,447,000 after buying an additional 497 shares during the period. Marks Group Wealth Management Inc acquired a new stake in shares of Spotify Technology in the first quarter valued at about $510,000. Journey Advisory Group LLC increased its stake in shares of Spotify Technology by 51.8% in the first quarter. Journey Advisory Group LLC now owns 2,552 shares of the company's stock valued at $1,237,000 after buying an additional 871 shares during the period. Calamos Wealth Management LLC bought a new position in shares of Spotify Technology during the first quarter worth about $7,545,000. Finally, State of Michigan Retirement System bought a new position in shares of Spotify Technology during the first quarter worth about $27,170,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the firm's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $480.86, for a total value of $2,613,954.96. Following the completion of the sale, the chief executive officer directly owned 67,582 shares in the company, valued at approximately $32,497,480.52. This trade represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction 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 completion of the sale, the director directly owned 3,619 shares of the company's stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 111,442 shares of company stock worth $54,757,553 over the last ninety days. 0.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on SPOT shares. Morgan Stanley upped their target price on Spotify Technology from $590.00 to $610.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. Benchmark dropped their price target on shares of Spotify Technology from $760.00 to $695.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. UBS Group reduced their price objective on shares of Spotify Technology from $735.00 to $690.00 and set a "buy" rating on the stock in a research note on Friday, July 10th. Daiwa Securities Group assumed coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They set an "outperform" rating and a $535.00 price objective for the company. Finally, Wall Street Zen raised shares of Spotify Technology from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $638.58.

Trending Headlines about Spotify Technology

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

• Positive Sentiment: Spotify rolled out a new AI assistant that helps users search music, create playlists, and discover podcasts by speaking naturally, highlighting product innovation and potentially boosting user engagement. Spotify's new AI assistant lets you find songs, create playlists and explore podcasts using natural language
• Positive Sentiment: Jefferies reiterated a Buy rating and $600 price target, citing upcoming catalysts such as AI remixing features and a possible Warner Music Group remixing agreement, which supports a bullish longer-term view. Spotify seen delivering steady Q2 results as investors await AI remixing updates
• Positive Sentiment: Spotify expanded parent-managed accounts to its free tier in several major markets, a move that could widen adoption among families and improve the platform’s ecosystem. Spotify expands parent-managed accounts to users on its free tier
• Neutral Sentiment: Back Market announced new partnerships with Duolingo and Spotify as part of its back-to-school campaign, but the announcement appears more promotional than financially material for SPOT. Back Market Kicks Off Back-to-School Season with Survey Revealing How Parents Are Redefining the Smart Tech Purchase - And Debuting New Partnerships with Duolingo and Spotify
• Negative Sentiment: Singer Lorde criticized Spotify over sloppy AI-generated song descriptions, adding to concerns that Spotify’s AI rollout could face backlash around quality and trust. Lorde slams Spotify over sloppy AI-generated song descriptions
• Negative Sentiment: Recent market coverage noted that Spotify dipped more than the broader market, suggesting investors are still focused on valuation and near-term execution despite the company’s strong fundamentals. Why Spotify (SPOT) Dipped More Than Broader Market Today

Spotify Technology Price Performance

NYSE SPOT opened at $475.67 on Friday. The business has a 50 day simple moving average of $475.16 and a 200 day simple moving average of $491.82. Spotify Technology has a one year low of $405.00 and a one year high of $748.30. The stock has a market capitalization of $97.93 billion, a P/E ratio of 37.90, a P/E/G ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the previous year, the company posted $1.07 earnings per share. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. Equities analysts expect that Spotify Technology will post 14.59 earnings per share for the current year.

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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