Capital World Investors Has $1.66 Billion Position in Spotify Technology $SPOT

Capital World Investors boosted its holdings in shares of Spotify Technology (NYSE:SPOT) by 4.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,863,821 shares of the company’s stock after buying an additional 133,108 shares during the period. Capital World Investors’ holdings in Spotify Technology were worth $1,663,024,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its stake in Spotify Technology by 12.9% during the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after buying an additional 73,722 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Spotify Technology by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock valued at $702,106,000 after purchasing an additional 24,199 shares in the last quarter. City Holding Co. boosted its stake in shares of Spotify Technology by 2,515.9% in the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock valued at $3,251,000 after purchasing an additional 5,384 shares in the last quarter. ARK Investment Management LLC boosted its stake in shares of Spotify Technology by 8.2% in the 3rd quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock valued at $56,039,000 after purchasing an additional 6,100 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Spotify Technology by 4.6% in the 3rd quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after purchasing an additional 113,612 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 0.7%

Shares of NYSE:SPOT opened at $497.19 on Friday. The stock has a market capitalization of $102.36 billion, a P/E ratio of 39.62, a P/E/G ratio of 1.21 and a beta of 1.56. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The business has a 50-day moving average price of $481.01 and a two-hundred day moving average price of $515.08.

Spotify Technology (NYSE:SPOT) last announced 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 firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.07 EPS. As a group, equities analysts predict that Spotify Technology will post 14.72 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SPOT shares. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price on the stock in a research note on Thursday, February 26th. Rosenblatt Securities boosted their target price on shares of Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research note on Friday, May 22nd. Guggenheim reduced their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. UBS Group reduced 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. Finally, Morgan Stanley boosted their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $655.92.

Insider Activity

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the completion of the sale, the chief executive officer directly owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the sale, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at approximately $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. In the last three months, insiders sold 111,442 shares of company stock worth $54,647,508. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Company 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.