Tredje AP fonden Has $31.24 Million Stock Holdings in Spotify Technology $SPOT

Key Points

• Tredje AP fonden increased its Spotify stake by 119.6% in the fourth quarter, ending with 53,796 shares valued at about $31.24 million.
• Spotify reported strong quarterly results, posting $4.04 EPS versus the $3.41 estimate and $5.25 billion in revenue, while revenue rose 8.2% year over year.
• Analyst sentiment remains broadly positive despite some target cuts, with a Moderate Buy consensus and an average price target of about $645.77.

Tredje AP fonden boosted its stake in Spotify Technology (NYSE:SPOT - Free Report) by 119.6% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 53,796 shares of the company's stock after buying an additional 29,296 shares during the period. Tredje AP fonden's holdings in Spotify Technology were worth $31,240,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Capital World Investors lifted its holdings in Spotify Technology by 40.7% during the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company's stock worth $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors acquired a new position in Spotify Technology in the 3rd quarter valued at $512,190,000. Principal Financial Group Inc. grew its holdings in Spotify Technology by 3,534.9% in the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company's stock valued at $398,889,000 after buying an additional 555,752 shares in the last quarter. Swedbank AB increased its position in Spotify Technology by 37.9% during the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company's stock worth $938,614,000 after buying an additional 444,162 shares during the period. Finally, Alliancebernstein L.P. increased its position in Spotify Technology by 157.5% during the 3rd quarter. Alliancebernstein L.P. now owns 699,930 shares of the company's stock worth $488,551,000 after buying an additional 428,156 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $444.28 on Tuesday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock has a market capitalization of $91.47 billion, a P/E ratio of 35.40, a PEG ratio of 1.05 and a beta of 1.55. The stock's fifty day moving average is $485.28 and its 200 day moving average is $528.22.

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, topping the consensus estimate of $3.41 by $0.63. The business 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%. Spotify Technology's revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.07 earnings per share. Equities research analysts forecast that Spotify Technology will post 14.87 earnings per share for the current year.

Insider Activity at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the sale, the chief executive officer owned 20,609 shares in the company, valued at approximately $9,758,773.68. This trade represents a 50.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 47,102 shares of company stock valued at $21,444,648 over the last 90 days. Corporate insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SPOT. Rosenblatt Securities dropped their target price on Spotify Technology from $670.00 to $500.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Wells Fargo & Company lowered their price target on shares of Spotify Technology from $640.00 to $580.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 29th. Weiss Ratings upgraded shares of Spotify Technology from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, May 4th. Daiwa Securities Group assumed coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an "outperform" rating and a $535.00 price objective for the company. Finally, Canaccord Genuity Group decreased their target price on shares of Spotify Technology from $750.00 to $720.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $645.77.

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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