Spotify Technology $SPOT Stake Raised by Vise Technologies Inc.

Vise Technologies Inc. grew its stake in shares of Spotify Technology (NYSE:SPOT) by 64.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,388 shares of the company’s stock after buying an additional 940 shares during the period. Vise Technologies Inc.’s holdings in Spotify Technology were worth $1,164,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SPOT. Pin Oak Investment Advisors Inc. purchased a new position in Spotify Technology during the second quarter valued at approximately $27,000. Whipplewood Advisors LLC increased its holdings in Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after acquiring an additional 55 shares during the period. Palladiem LLC purchased a new stake in Spotify Technology in the 1st quarter worth approximately $34,000. Tsfg LLC lifted its stake in Spotify Technology by 39.7% in the 2nd quarter. Tsfg LLC now owns 81 shares of the company’s stock worth $37,000 after purchasing an additional 23 shares in the last quarter. Finally, Blume Capital Management Inc. boosted its holdings in Spotify Technology by 2,000.0% in the 3rd quarter. Blume Capital Management Inc. now owns 84 shares of the company’s stock valued at $41,000 after purchasing an additional 80 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Gustav Söderström sold 20,910 shares of Spotify Technology stock in a transaction on Monday, October 12th. The shares were sold at an average price of $530.13, for a total transaction of $11,085,018.30. Following the completion of the sale, the chief executive officer directly owned 19,908 shares of the company’s stock, valued at approximately $10,553,828.04. The trade was a 51.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $602.71 on Friday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $668.49. The company has a market capitalization of $124.09 billion, a P/E ratio of 39.96, a P/E/G ratio of 1.87 and a beta of 1.49. The firm’s 50 day simple moving average is $537.42 and its 200 day simple moving average is $500.48.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.64 billion. Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. Spotify Technology’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period in the prior year, the firm earned $3.28 EPS. On average, equities analysts anticipate that Spotify Technology will post 13.66 earnings per share for the current year.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of recent analyst reports. Barclays boosted their price target on shares of Spotify Technology from $565.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Cantor Fitzgerald increased their price objective on Spotify Technology from $490.00 to $550.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Argus reiterated a “buy” rating and issued a $600.00 price objective on shares of Spotify Technology in a research report on Thursday, August 13th. Morgan Stanley lifted their price objective on Spotify Technology from $640.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. Finally, Weiss Ratings upgraded Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 26th. Twenty-three investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $620.07.

About Spotify Technology

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content.

Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.

Spotify is headquartered in Luxembourg, with major operations in Sweden and other countries.