Round Rock Advisors LLC Purchases New Holdings in Spotify Technology $SPOT

Round Rock Advisors LLC purchased a new stake in shares of Spotify Technology (NYSE:SPOT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,664 shares of the company’s stock, valued at approximately $1,547,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legacy Advisors LLC grew its stake in shares of Spotify Technology by 1.1% in the 4th quarter. Legacy Advisors LLC now owns 2,622 shares of the company’s stock valued at $1,523,000 after purchasing an additional 28 shares during the period. Tred Avon Family Wealth LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $361,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Spotify Technology by 8.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,303 shares of the company’s stock valued at $66,958,000 after purchasing an additional 8,805 shares during the period. Exane Asset Management grew its stake in shares of Spotify Technology by 8.9% in the 4th quarter. Exane Asset Management now owns 10,956 shares of the company’s stock valued at $6,362,000 after purchasing an additional 900 shares during the period. Finally, Bayforest Capital Ltd bought a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $270,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of SPOT opened at $536.99 on Tuesday. The company has a market capitalization of $110.56 billion, a P/E ratio of 55.70, a PEG ratio of 1.18 and a beta of 1.70. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The business’s 50 day simple moving average is $496.86 and its 200-day simple moving average is $555.97.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Wednesday, February 11th. The company reported $5.16 EPS for the quarter, topping the consensus estimate of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology’s revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.88 EPS. On average, sell-side analysts anticipate that Spotify Technology will post 15.55 EPS for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the transaction, the chief executive officer owned 20,609 shares of the company’s stock, valued at $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction 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 in the company, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $735.00 to $700.00 in a research note on Friday, January 23rd. Daiwa Securities Group assumed coverage on Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective on the stock. Weiss Ratings lowered Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Wall Street Zen lowered Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Benchmark lowered their price objective on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $691.21.

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.