Stephens Investment Management Group LLC Boosts Stock Position in Spotify Technology $SPOT

Key Points

• Stephens Investment Management Group increased its Spotify stake by 24.9% in the first quarter, buying 6,672 more shares and bringing its total to 33,486 shares worth about $16.2 million.
• Spotify’s latest quarterly results were stronger than expected, with EPS of $4.04 versus estimates of $3.41 and revenue of $5.25 billion, up 8.2% from a year earlier.
• Wall Street remains mostly positive on the stock, with analysts assigning Spotify a Moderate Buy consensus and an average price target of $641.83, while institutional investors own 84.09% of the company.

Stephens Investment Management Group LLC boosted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 24.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,486 shares of the company's stock after purchasing an additional 6,672 shares during the period. Stephens Investment Management Group LLC's holdings in Spotify Technology were worth $16,238,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. State Street Corp lifted its holdings 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 buying an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD raised its holdings 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 raised its holdings in shares of Spotify Technology by 4.9% during the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company's stock valued at $1,663,024,000 after acquiring an additional 133,108 shares in the last quarter. Fisher Asset Management LLC lifted 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 acquiring an additional 62,887 shares during the period. Finally, Coatue Management LLC boosted its holdings in Spotify Technology by 35.9% in the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company's stock valued at $1,423,251,000 after acquiring an additional 647,708 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

NYSE:SPOT opened at $485.14 on Monday. The firm's 50-day moving average price is $470.66 and its 200-day moving average price is $497.85. The company has a market capitalization of $99.88 billion, a PE ratio of 38.66, a P/E/G ratio of 1.19 and a beta of 1.56. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30.

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

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on SPOT shares. Cantor Fitzgerald boosted their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the company a "neutral" rating in a research report on Tuesday, May 26th. UBS Group cut their target price on shares of Spotify Technology from $760.00 to $735.00 and set a "buy" rating on the stock in a research note on Thursday, April 30th. Rosenblatt Securities boosted their price target on shares of Spotify Technology from $500.00 to $534.00 and gave the company a "neutral" rating in a research report on Friday, May 22nd. Benchmark lowered their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $641.83.

Insider Buying and Selling at Spotify Technology

In other news, Director Thomas O. Staggs sold 5,477 shares of the business's 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 sale, the director directly owned 3,619 shares of the company's stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares in the company, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 85,173 shares of company stock valued at $42,176,049 over the last ninety days. Company insiders own 0.40% of the company's stock.

About Spotify Technology

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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