HS Management Partners LLC Invests $13.40 Million in Spotify Technology $SPOT

HS Management Partners LLC bought a new stake in shares of Spotify Technology (NYSE:SPOT) in the second quarter, Holdings Channel.com reports. The fund bought 29,194 shares of the company’s stock, valued at approximately $13,404,000. Spotify Technology accounts for 4.6% of HS Management Partners LLC’s portfolio, making the stock its 11th largest position.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp increased its stake in Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after buying an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Spotify Technology by 4.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after acquiring an additional 149,479 shares in the last quarter. Capital World Investors increased its position in shares of Spotify Technology by 4.9% during the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after acquiring an additional 133,108 shares during the period. Fisher Asset Management LLC increased its position in shares of Spotify Technology by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after acquiring an additional 62,887 shares during the period. Finally, Coatue Management LLC raised its stake in shares of Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after acquiring an additional 647,708 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Pivotal Research lowered their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. KeyCorp reduced their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Citizens Jmp lifted their target price on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. Rosenblatt Securities lowered their target price on Spotify Technology from $531.00 to $527.00 and set a “neutral” rating for the company in a report on Wednesday, August 5th. Finally, Guggenheim reissued a “buy” rating and set a $565.00 price target on shares of Spotify Technology in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $609.05.

Spotify Technology Stock Up 4.9%

Shares of SPOT opened at $516.46 on Wednesday. The company has a market cap of $106.33 billion, a price-to-earnings ratio of 32.16, a price-to-earnings-growth ratio of 1.26 and a beta of 1.58. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $745.00. The company has a 50 day moving average of $483.66 and a two-hundred day moving average of $484.73.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $2.98 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.18). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.47 billion. During the same period in the previous year, the company posted ($0.42) earnings per share. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, sell-side analysts expect that Spotify Technology will post 14.3 EPS for the current year.

Insider Activity

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $502.10, for a total value of $2,729,415.60. Following the completion of the sale, the chief executive officer directly owned 66,773 shares of the company’s stock, valued at approximately $33,526,723.30. This represents a 7.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 116,878 shares of company stock worth $59,081,110 over the last quarter. Company 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.