Hyperion Asset Management Ltd Has $194.46 Million Stock Position in Spotify Technology $SPOT

Hyperion Asset Management Ltd lessened its position in shares of Spotify Technology (NYSE:SPOT) by 8.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 334,868 shares of the company’s stock after selling 30,510 shares during the period. Spotify Technology makes up about 5.4% of Hyperion Asset Management Ltd’s investment portfolio, making the stock its 9th largest position. Hyperion Asset Management Ltd’s holdings in Spotify Technology were worth $194,461,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. Insight Holdings Group LLC increased its holdings in Spotify Technology by 3.0% during the 4th quarter. Insight Holdings Group LLC now owns 7,520 shares of the company’s stock worth $4,367,000 after purchasing an additional 220 shares in the last quarter. Interval Partners LP increased its holdings in Spotify Technology by 229.2% during the 4th quarter. Interval Partners LP now owns 5,925 shares of the company’s stock worth $3,441,000 after purchasing an additional 4,125 shares in the last quarter. Investment Management Corp of Ontario increased its holdings in Spotify Technology by 101.4% during the 4th quarter. Investment Management Corp of Ontario now owns 13,898 shares of the company’s stock worth $8,071,000 after purchasing an additional 6,998 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Spotify Technology by 2.2% during the 4th quarter. Janus Henderson Group PLC now owns 1,424,171 shares of the company’s stock worth $827,136,000 after purchasing an additional 30,028 shares in the last quarter. Finally, Evolve Private Wealth LLC bought a new position in Spotify Technology during the 4th quarter worth about $495,000. Institutional investors own 84.09% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Alex Norstrom sold 5,436 shares of the firm’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 in the company, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were 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 owned 20,376 shares of the company’s stock, valued at $10,117,091.52. This trade represents a 50.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 111,442 shares of company stock worth $54,647,508 in the last three months. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of research reports. KeyCorp lowered their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Benchmark decreased their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Rosenblatt Securities raised their price objective on Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a report on Friday, May 22nd. The Goldman Sachs Group decreased their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Daiwa Securities Group initiated coverage on Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $652.16.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $456.54 on Thursday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The stock has a market capitalization of $93.99 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 1.15 and a beta of 1.56. The business has a 50-day moving average of $481.68 and a 200-day moving average of $507.77.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same period last year, the business posted $1.07 EPS. Spotify Technology’s revenue was up 8.2% on a year-over-year basis. On average, sell-side analysts expect that Spotify Technology will post 14.68 EPS for the current year.

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.