O Shaughnessy Asset Management LLC Has $14.48 Million Position in Spotify Technology $SPOT

O Shaughnessy Asset Management LLC lessened its position in Spotify Technology (NYSE:SPOT - Free Report) by 8.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,933 shares of the company's stock after selling 2,397 shares during the period. O Shaughnessy Asset Management LLC's holdings in Spotify Technology were worth $14,479,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. State Street Corp increased its stake in shares of Spotify Technology by 1.1% in the third quarter. State Street Corp now owns 4,622,298 shares of the company's stock valued at $3,226,364,000 after buying an additional 48,070 shares during the period. Capital World Investors increased its stake 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 buying an additional 133,108 shares during the period. Fisher Asset Management LLC increased its stake in shares of Spotify Technology by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company's stock valued at $1,547,890,000 after buying an additional 62,887 shares during the period. Coatue Management LLC increased its stake in shares of Spotify Technology by 13.3% in the third quarter. Coatue Management LLC now owns 1,803,173 shares of the company's stock valued at $1,258,615,000 after buying an additional 212,006 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Spotify Technology by 5.7% in the fourth quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company's stock valued at $991,223,000 after buying an additional 93,274 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SPOT. Cantor Fitzgerald increased their price target on Spotify Technology from $430.00 to $520.00 and gave the company a "neutral" rating in a research note on Tuesday, May 26th. Wells Fargo & Company increased their price target on Spotify Technology from $580.00 to $600.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. UBS Group decreased their price target on Spotify Technology from $760.00 to $735.00 and set a "buy" rating for the company in a research note on Thursday, April 30th. Citizens Jmp increased their price target on Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research note on Friday, May 22nd. Finally, Daiwa Securities Group began coverage on Spotify Technology in a research note on Thursday, March 26th. They issued an "outperform" rating and a $535.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus target price of $655.92.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $496.56 on Wednesday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The stock's 50-day moving average is $481.98 and its 200 day moving average is $512.39. The firm has a market cap of $102.23 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 1.23 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.07 EPS. On average, sell-side analysts expect that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the transaction, the director owned 3,619 shares in the company, valued at approximately $1,903,594. This represents a 60.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the transaction, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is currently owned by corporate insiders.

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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