Thompson Siegel & Walmsley LLC Buys 3,500 Shares of Spotify Technology $SPOT

Key Points

• Thompson Siegel & Walmsley LLC increased its Spotify stake by 32.3% in the fourth quarter, buying 3,500 additional shares and bringing its total holding to 14,345 shares worth about $8.33 million.
• Wall Street sentiment remains positive overall, with Spotify carrying a “Moderate Buy” consensus rating and an average price target of $655.92, though analysts’ targets vary widely.
• Spotify reported solid quarterly results, posting EPS of $4.04 versus the $3.41 estimate and revenue of $5.25 billion, while shares traded up about 2.4% to $509.57.

Thompson Siegel & Walmsley LLC raised its stake in Spotify Technology (NYSE:SPOT - Free Report) by 32.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,345 shares of the company's stock after purchasing an additional 3,500 shares during the period. Thompson Siegel & Walmsley LLC's holdings in Spotify Technology were worth $8,330,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Peapack Gladstone Financial Corp boosted its holdings in Spotify Technology by 7.0% in the 4th quarter. Peapack Gladstone Financial Corp now owns 10,225 shares of the company's stock valued at $5,938,000 after purchasing an additional 665 shares during the period. Nomura Asset Management Co. Ltd. raised its stake in shares of Spotify Technology by 4.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 53,668 shares of the company's stock valued at $31,166,000 after buying an additional 2,066 shares in the last quarter. AXS Investments LLC raised its stake in shares of Spotify Technology by 12.3% in the 4th quarter. AXS Investments LLC now owns 4,064 shares of the company's stock valued at $2,360,000 after buying an additional 444 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Spotify Technology by 1.5% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 38,896 shares of the company's stock valued at $22,587,000 after buying an additional 566 shares in the last quarter. Finally, Impact Partnership Wealth LLC raised its stake in shares of Spotify Technology by 41.5% in the 4th quarter. Impact Partnership Wealth LLC now owns 2,515 shares of the company's stock valued at $1,460,000 after buying an additional 738 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent research reports. Barclays increased their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Benchmark dropped their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Cantor Fitzgerald increased their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the company a "neutral" rating in a research note on Tuesday, May 26th. The Goldman Sachs Group dropped their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Finally, Citizens Jmp increased their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research note on Friday, May 22nd. Two investment 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.com, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus price target of $655.92.

Spotify Technology Trading Up 2.4%

SPOT opened at $509.57 on Tuesday. The stock has a market capitalization of $104.91 billion, a PE ratio of 40.60, a PEG ratio of 1.21 and a beta of 1.55. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The firm has a 50-day moving average price of $479.99 and a two-hundred day moving average price of $518.34.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to analysts' expectations of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company's quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.07 EPS. On average, research analysts predict that Spotify Technology will post 14.72 EPS for the current year.

Insider Transactions at Spotify Technology

In other Spotify Technology news, 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 completion of the sale, the director owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of the firm's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares of the company's stock, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 90,609 shares of company stock worth $44,303,507. Corporate 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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