Spotify Technology $SPOT Shares Bought by Groupama Asset Managment

Groupama Asset Managment boosted its holdings in shares of Spotify Technology (NYSE:SPOT) by 969.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,102 shares of the company’s stock after purchasing an additional 2,812 shares during the quarter. Groupama Asset Managment’s holdings in Spotify Technology were worth $1,801,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SPOT. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Spotify Technology during the 3rd quarter valued at approximately $26,000. Kemnay Advisory Services Inc. purchased a new stake in Spotify Technology in the 4th quarter worth $32,000. Newbridge Financial Services Group Inc. purchased a new stake in Spotify Technology in the 4th quarter worth $35,000. JPL Wealth Management LLC acquired a new position in Spotify Technology during the third quarter worth $35,000. Finally, Wilmington Savings Fund Society FSB raised its position in Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after acquiring an additional 30 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently issued reports on SPOT shares. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price on the stock in a research report on Thursday, February 26th. Wall Street Zen downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Barclays raised their price target 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. Citizens Jmp lifted their price objective on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Finally, Daiwa Securities Group assumed coverage on Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $652.16.

Spotify Technology Stock Up 0.1%

Spotify Technology stock opened at $468.74 on Friday. The company has a fifty day simple moving average of $481.13 and a 200-day simple moving average of $506.59. The firm has a market capitalization of $96.50 billion, a price-to-earnings ratio of 37.35, a PEG ratio of 1.14 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00.

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

Insider Buying and Selling

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the transaction, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock worth $54,647,508 in the last 90 days. Corporate 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.