10,652 Shares in Spotify Technology $SPOT Acquired by Marietta Investment Partners LLC

Marietta Investment Partners LLC bought a new stake in Spotify Technology (NYSE:SPOT) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 10,652 shares of the company’s stock, valued at approximately $5,165,000.

Several other hedge funds have also recently added to or reduced their stakes in SPOT. Ascentis Independent Advisors boosted its position in Spotify Technology by 112.5% during the 1st quarter. Ascentis Independent Advisors now owns 1,101 shares of the company’s stock worth $534,000 after acquiring an additional 583 shares during the period. Stephens Inc. AR grew its stake in shares of Spotify Technology by 5.5% in the first quarter. Stephens Inc. AR now owns 3,253 shares of the company’s stock worth $1,577,000 after purchasing an additional 171 shares in the last quarter. LVZ Inc. increased its holdings in shares of Spotify Technology by 7.1% during the first quarter. LVZ Inc. now owns 1,051 shares of the company’s stock valued at $510,000 after purchasing an additional 70 shares during the period. Raleigh Capital Management Inc. increased its holdings in shares of Spotify Technology by 208.6% during the first quarter. Raleigh Capital Management Inc. now owns 358 shares of the company’s stock valued at $174,000 after purchasing an additional 242 shares during the period. Finally, Stephens Investment Management Group LLC raised its stake in shares of Spotify Technology by 24.9% during the first quarter. Stephens Investment Management Group LLC now owns 33,486 shares of the company’s stock valued at $16,238,000 after purchasing an additional 6,672 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

SPOT opened at $485.14 on Monday. The company has a market capitalization of $99.88 billion, a PE ratio of 38.66, a P/E/G ratio of 1.19 and a beta of 1.56. The stock’s fifty day moving average is $470.66 and its 200-day moving average is $497.85. Spotify Technology has a one year low of $405.00 and a one year high of $748.30.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating 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 return on equity of 35.73% and a net margin of 15.56%.The company’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the business posted $1.07 earnings per share. On average, equities research analysts forecast that Spotify Technology will post 14.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on SPOT. The Goldman Sachs Group reduced their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Barclays raised their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Pivotal Research dropped their price target on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Morgan Stanley upped their price target on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Finally, Rosenblatt Securities increased their price objective on shares of Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $641.83.

Insider Buying and Selling at Spotify Technology

In related news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the sale, the director directly owned 3,619 shares in the company, valued at $1,903,594. The trade was a 60.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction that occurred on 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 owned 20,376 shares in the company, valued at $10,117,091.52. The trade was 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 85,173 shares of company stock valued at $42,176,049 over the last 90 days. Insiders own 0.40% of the company’s stock.

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.