Epoch Investment Partners Inc. Buys New Position in Spotify Technology $SPOT

Epoch Investment Partners Inc. bought a new stake in Spotify Technology (NYSE:SPOT) in the 1st quarter, according to its most recent disclosure with the SEC. The fund bought 93,927 shares of the company’s stock, valued at approximately $45,546,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Spotify Technology by 1,382.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock valued at $724,251,000 after purchasing an additional 1,163,045 shares in the last quarter. Coatue Management LLC increased its stake in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after buying an additional 647,708 shares during the period. National Pension Service purchased a new stake in Spotify Technology during the 4th quarter worth approximately $316,278,000. Finally, Swedbank AB lifted its holdings in Spotify Technology by 37.9% during the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock worth $938,614,000 after buying an additional 444,162 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

More Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Analyst Upgrades and Downgrades

Several equities analysts have commented on SPOT shares. Citizens Jmp raised their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. UBS Group cut their price objective on Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Cantor Fitzgerald lifted their target price on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Finally, Morgan Stanley lifted their target price on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $630.70.

Insiders Place Their Bets

In related news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the transaction, the director owned 3,619 shares in the company, valued at approximately $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. 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 stock in a transaction on Monday, July 6th. The shares were sold at an average price of $478.45, for a total value of $9,967,548.85. Following the completion of the transaction, the chief executive officer directly owned 20,259 shares in the company, valued at $9,692,918.55. This trade represents a 50.70% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by insiders.

Spotify Technology Stock Up 3.0%

Shares of NYSE:SPOT opened at $483.27 on Friday. The firm’s 50 day moving average price is $481.62 and its 200 day moving average price is $488.36. The stock has a market cap of $99.49 billion, a price-to-earnings ratio of 38.51, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the previous year, the firm earned $1.07 earnings per share. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. On average, equities analysts anticipate that Spotify Technology will post 14.51 EPS for the current year.

About Spotify Technology

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.