Manning & Napier Advisors LLC purchased a new stake in Spotify Technology (NYSE:SPOT - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 218,189 shares of the company's stock, valued at approximately $100,867,000. Spotify Technology comprises approximately 1.3% of Manning & Napier Advisors LLC's portfolio, making the stock its 26th biggest position. Manning & Napier Advisors LLC owned 0.11% of Spotify Technology as of its most recent filing with the SEC.
Other hedge funds also recently made changes to their positions in the company. Sivia Capital Partners LLC acquired a new position in Spotify Technology in the second quarter worth approximately $312,000. Jump Financial LLC grew its holdings in shares of Spotify Technology by 5.2% in the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company's stock worth $869,000 after acquiring an additional 56 shares during the last quarter. Cary Street Partners Financial LLC acquired a new position in shares of Spotify Technology in the 2nd quarter worth $178,000. NewEdge Advisors LLC raised its holdings 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 during the period. Finally, Glenview Trust co purchased a new stake in Spotify Technology during the second quarter valued at about $298,000. Institutional investors and hedge funds own 84.09% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on SPOT. Benchmark dropped their target price on shares of Spotify Technology from $695.00 to $650.00 and set a "buy" rating on the stock in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. The Goldman Sachs Group cut their target price on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. UBS Group decreased their target price on Spotify Technology from $735.00 to $690.00 and set a "buy" rating for the company in a research report on Friday, July 10th. Finally, Rosenblatt Securities lowered their price target on Spotify Technology from $531.00 to $527.00 and set a "neutral" rating on the stock in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $609.05.
View Our Latest Research Report on SPOT
Spotify Technology Price Performance
SPOT opened at $537.96 on Tuesday. The company has a market capitalization of $110.75 billion, a PE ratio of 33.50, a price-to-earnings-growth ratio of 1.31 and a beta of 1.58. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $745.00. The business has a 50-day moving average of $487.41 and a 200-day moving average of $485.80.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing analysts' consensus estimates of $3.16 by ($0.13). The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The company's quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.42) EPS. On average, equities research analysts expect that Spotify Technology will post 14.3 earnings per share for the current fiscal year.
Insider Activity at Spotify Technology
In other news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the transaction, the chief executive officer owned 66,773 shares in the company, valued at $33,526,723.30. This represents a 7.53% decrease in their position. The sale 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, CEO Gustav Soderstrom sold 20,833 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $507.24, for a total transaction of $10,567,330.92. Following the transaction, the chief executive officer owned 20,142 shares in the company, valued at $10,216,828.08. This represents a 50.84% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 73,371 shares of company stock valued at $36,222,251 over the last three months. Insiders own 0.40% of the company's stock.
Spotify Technology Profile
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Free Report)
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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