Elevation Point Wealth Partners LLC Boosts Position in Spotify Technology $SPOT

Key Points

• Elevation Point Wealth Partners increased its Spotify stake by 658.4% in the first quarter, ending with 15,897 shares worth about $7.7 million.
• Spotify reported strong first-quarter results, posting $4.04 EPS versus the $3.41 estimate and revenue of $5.25 billion, up 8.2% year over year.
• Analysts remain generally constructive on the stock, with a Moderate Buy consensus and an average price target of $641.83, even as some firms trimmed targets after earnings.

Elevation Point Wealth Partners LLC boosted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 658.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,897 shares of the company's stock after buying an additional 13,801 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Spotify Technology were worth $7,709,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. State Street Corp grew its stake in Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company's stock worth $2,736,450,000 after acquiring an additional 89,951 shares in the last quarter. Price T Rowe Associates Inc. MD raised 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 valued at $2,247,042,000 after acquiring an additional 149,479 shares in the last quarter. Capital World Investors boosted its holdings in shares of Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company's stock valued at $1,663,024,000 after purchasing an additional 133,108 shares during the period. Fisher Asset Management LLC grew its stake in Spotify Technology by 2.4% in 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 in the last quarter. Finally, Coatue Management LLC grew its stake in Spotify Technology by 35.9% in 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 in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 2.7%

Shares of NYSE:SPOT opened at $485.14 on Friday. The firm has a 50 day moving average of $471.41 and a 200 day moving average of $498.50. The company has a market capitalization of $99.88 billion, a price-to-earnings ratio of 38.66, a price-to-earnings-growth ratio of 1.16 and a beta of 1.56. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its 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 business had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business's revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 EPS. On average, sell-side analysts expect that Spotify Technology will post 14.62 EPS for the current year.

Insider Buying and Selling

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company's stock in a transaction on Friday, May 22nd. The stock was 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 directly owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the firm's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the sale, the director directly owned 3,619 shares in the company, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 85,173 shares of company stock valued at $42,176,049. Company insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on SPOT. The Goldman Sachs Group reduced their price objective on Spotify Technology from $670.00 to $600.00 and set a "buy" rating on the stock in a report on Wednesday, April 29th. Pivotal Research dropped their price target 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. Benchmark cut their price target on Spotify Technology from $760.00 to $695.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. Morgan Stanley lifted their price objective on Spotify Technology from $590.00 to $610.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. Finally, UBS Group lowered their price objective on shares of Spotify Technology from $760.00 to $735.00 and set a "buy" rating for the company in a research note on Thursday, April 30th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus target price of $641.83.

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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