Bamco Inc. NY Raises Stake in Spotify Technology $SPOT

Bamco Inc. NY raised its position in Spotify Technology (NYSE:SPOT) by 0.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 997,291 shares of the company’s stock after acquiring an additional 8,596 shares during the quarter. Spotify Technology makes up about 1.6% of Bamco Inc. NY’s holdings, making the stock its 16th biggest holding. Bamco Inc. NY’s holdings in Spotify Technology were worth $579,137,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its stake in Spotify Technology by 12.9% in the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after acquiring an additional 73,722 shares during the last quarter. Vanguard Group Inc. lifted its stake in Spotify Technology by 2.5% in the third quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock worth $702,106,000 after acquiring an additional 24,199 shares during the last quarter. City Holding Co. lifted its stake in Spotify Technology by 2,515.9% in the fourth quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after acquiring an additional 5,384 shares during the last quarter. ARK Investment Management LLC raised its holdings in Spotify Technology by 8.2% during the third quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock worth $56,039,000 after purchasing an additional 6,100 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Spotify Technology by 4.6% during the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock worth $1,816,632,000 after purchasing an additional 113,612 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $456.54 on Thursday. The firm’s fifty day simple moving average is $481.68 and its 200-day simple moving average is $507.77. The stock has a market capitalization of $93.99 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 1.15 and a beta of 1.56. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

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

Analyst Ratings Changes

A number of analysts have weighed in on SPOT shares. Barclays raised their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Pivotal Research cut their price objective on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Benchmark cut their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Morgan Stanley raised their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective on the stock in a report on Thursday, February 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $652.16.

Insiders Place Their Bets

In other news, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction 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 transaction, the director directly owned 3,619 shares of the company’s stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the transaction, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 111,442 shares of company stock worth $54,647,508. 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.