TD Asset Management Inc lowered its position in shares of Spotify Technology (NYSE:SPOT – Free Report) by 21.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 193,649 shares of the company’s stock after selling 51,811 shares during the period. TD Asset Management Inc’s holdings in Spotify Technology were worth $112,454,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology during the 3rd quarter worth $26,000. Newbridge Financial Services Group Inc. bought a new stake in Spotify Technology during the 4th quarter worth $35,000. JPL Wealth Management LLC bought a new stake in Spotify Technology during the 3rd quarter worth $35,000. Kozak & Associates Inc. grew its position in Spotify Technology by 1,700.0% during the 4th quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock worth $39,000 after acquiring an additional 68 shares during the last quarter. Finally, Eastern Bank grew its position in Spotify Technology by 110.5% during the 4th quarter. Eastern Bank now owns 80 shares of the company’s stock worth $46,000 after acquiring an additional 42 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on SPOT shares. Guggenheim reduced their price objective on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Rosenblatt Securities boosted their price objective on Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research report on Friday, May 22nd. Benchmark reduced their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Barclays boosted their price objective on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Finally, Morgan Stanley boosted their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $655.92.
Spotify Technology Trading Up 1.0%
NYSE SPOT opened at $492.50 on Friday. The business’s 50-day moving average price is $480.53 and its two-hundred day moving average price is $515.21. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The firm has a market capitalization of $101.40 billion, a PE ratio of 39.24, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56.
Spotify Technology (NYSE:SPOT – Get Free Report) last released its quarterly 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. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the previous year, the company posted $1.07 EPS. The business’s revenue was up 8.2% on a year-over-year basis. As a group, analysts forecast that Spotify Technology will post 14.72 earnings per share for the current fiscal year.
Trending Headlines about Spotify Technology
Here are the key news stories impacting Spotify Technology this week:
- Positive Sentiment: Spotify is expanding its strategy in Asia, with a report that it is targeting Korea using AI-driven hyper-personalization. That suggests continued investment in product innovation and international growth, which investors may view favorably. Spotify targets Korea with AI hyper-personalization
- Positive Sentiment: Several reports highlighted strong underlying fundamentals after Spotify’s latest earnings, including premium subscriber growth, improved free cash flow, and rising operating income. Those results continue to support the stock’s longer-term bull case. Spotify Stock Will Trade at This Price In a Year
- Neutral Sentiment: Analyst sentiment remains supportive overall, with Spotify carrying a “Moderate Buy” consensus rating. However, some firms recently trimmed price targets, indicating expectations are still high and valuation remains a point of debate. Spotify Technology (NYSE:SPOT) Given Consensus Recommendation of “Moderate Buy” by Analysts
- Negative Sentiment: CEO Gustav Soderstrom sold about $10.3 million of Spotify stock, continuing a recent pattern of insider selling. While insider sales do not always signal trouble, they can weigh on sentiment if investors worry management sees less upside near current levels. Spotify Technology (NYSE:SPOT) CEO Sells $10,344,001.16 in Stock
Insider Transactions at Spotify Technology
In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total value of $10,344,001.16. Following the sale, the chief executive officer owned 20,376 shares in the company, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Christopher P. Marshall sold 2,650 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares in the company, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by insiders.
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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