Montanova Capital LLC Grows Stock Holdings in Spotify Technology $SPOT

Montanova Capital LLC raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 9,154.5% in the 2nd quarter, Holdings Channel.com reports. The firm owned 101,800 shares of the company’s stock after buying an additional 100,700 shares during the quarter. Montanova Capital LLC’s holdings in Spotify Technology were worth $46,739,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in Spotify Technology during the 4th quarter valued at $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Spotify Technology by 1,382.3% during 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 acquiring an additional 1,163,045 shares during the last quarter. Coatue Management LLC raised its stake in shares of Spotify Technology by 35.9% in 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 during the period. National Pension Service bought a new stake in shares of Spotify Technology in the 4th quarter worth about $316,278,000. Finally, Swedbank AB boosted its stake in shares of 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 purchasing an additional 444,162 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $507.24, for a total transaction of $10,567,330.92. Following the transaction, the chief executive officer owned 20,142 shares in the company, valued at approximately $10,216,828.08. This trade represents a 50.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $502.10, for a total value of $2,729,415.60. Following the transaction, the chief executive officer owned 66,773 shares in the company, valued at approximately $33,526,723.30. This represents a 7.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 52,538 shares of company stock valued at $25,878,250. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SPOT shares. JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. UBS Group decreased their price target on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Guggenheim restated a “buy” rating and set a $565.00 price objective on shares of Spotify Technology in a report on Wednesday, August 5th. Benchmark reduced their target price on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Finally, Barclays increased their target price on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $609.05.

Spotify Technology Stock Performance

Spotify Technology stock opened at $544.52 on Tuesday. The company has a 50 day moving average price of $495.38 and a 200-day moving average price of $489.71. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $745.00. The company has a market capitalization of $112.11 billion, a PE ratio of 33.91, a P/E/G ratio of 1.34 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.13). The firm had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period last year, the company earned ($0.42) EPS. On average, analysts forecast that Spotify Technology will post 14.3 earnings per share for the current year.

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.