Calamos Wealth Management LLC Takes Position in Spotify Technology $SPOT

Key Points

• Calamos Wealth Management opened a new position in Spotify Technology during the first quarter, buying 15,559 shares worth about $7.5 million.
• Institutional ownership in Spotify remains very high, with hedge funds and other institutions holding 84.09% of the stock. Several large investors also expanded their stakes significantly in recent quarters.
• Spotify posted strong quarterly results, beating EPS and revenue expectations, while analysts remain largely positive with a Moderate Buy consensus and an average price target of $638.58.

Calamos Wealth Management LLC purchased a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 15,559 shares of the company's stock, valued at approximately $7,545,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Spotify Technology during the fourth quarter worth about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company's stock valued at $724,251,000 after acquiring an additional 1,163,045 shares during the last quarter. Coatue Management LLC lifted its position in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company's stock worth $1,423,251,000 after acquiring an additional 647,708 shares during the period. National Pension Service acquired a new stake in Spotify Technology during the 4th quarter worth approximately $316,278,000. Finally, Swedbank AB grew its stake in shares of Spotify Technology by 37.9% in the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company's stock valued at $938,614,000 after purchasing an additional 444,162 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 67,582 shares in the company, valued at $32,497,480.52. This trade represents a 7.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the sale, the chief executive officer owned 20,492 shares of the company's stock, valued at $8,826,314.24. This trade represents a 50.41% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 111,442 shares of company stock worth $54,757,553. Company insiders own 0.40% of the company's stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $480.14 on Tuesday. The business's fifty day moving average price is $471.78 and its 200 day moving average price is $494.04. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30. The firm has a market capitalization of $98.85 billion, a PE ratio of 38.26, a P/E/G ratio of 1.18 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion during the quarter, compared to analysts' expectations of $5.23 billion. During the same quarter in the prior year, the business posted $1.07 earnings per share. Spotify Technology's revenue was up 8.2% compared to the same quarter last year. Equities research analysts expect that Spotify Technology will post 14.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent research reports. Daiwa Securities Group initiated coverage on Spotify Technology in a report on Thursday, March 26th. They issued an "outperform" rating and a $535.00 target price on the stock. Canaccord Genuity Group decreased their price target on Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. UBS Group lowered 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 report on Friday. Barclays upped their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $638.58.

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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