Border to Coast Pensions Partnership Ltd acquired a new stake in shares of Spotify Technology (NYSE:SPOT – Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 37,435 shares of the company’s stock, valued at approximately $18,208,000.
A number of other hedge funds have also recently bought and sold shares of the company. Quadcap Wealth Management LLC grew its stake in shares of Spotify Technology by 5.7% in the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after acquiring an additional 16 shares in the last quarter. Sagespring Wealth Partners LLC lifted its position in shares of Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after purchasing an additional 18 shares in the last quarter. Aprio Wealth Management LLC boosted its holdings in Spotify Technology by 3.1% during the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock worth $442,000 after purchasing an additional 19 shares during the last quarter. Modern Wealth Management LLC boosted its holdings in Spotify Technology by 7.4% during the third quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock worth $202,000 after purchasing an additional 20 shares during the last quarter. Finally, Objectivity Squared LLC grew its position in Spotify Technology by 0.8% in the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research firms have commented on SPOT. Benchmark decreased their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Barclays increased their price target on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Weiss Ratings downgraded shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Rosenblatt Securities lifted their price objective on shares of Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research report on Friday, May 22nd. Finally, Canaccord Genuity Group dropped their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $641.83.
Insider Activity
In other news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the transaction, the chief executive officer owned 20,609 shares in the company, valued at $9,758,773.68. This trade represents a 50.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the sale, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is currently owned by corporate insiders.
Spotify Technology Price Performance
Shares of SPOT opened at $460.74 on Friday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The stock’s fifty day moving average price is $476.44 and its two-hundred day moving average price is $502.64. The firm has a market cap of $94.86 billion, a PE ratio of 36.71, a PEG ratio of 1.12 and a beta of 1.56.
Spotify Technology (NYSE:SPOT – Get Free Report) last announced its quarterly earnings data 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. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter last year, the firm posted $1.07 EPS. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. Sell-side analysts anticipate that Spotify Technology will post 14.68 earnings per share for the current fiscal year.
Spotify Technology Company 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.
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