Mangrove Partners IM LLC bought a new position in Spotify Technology (NYSE:SPOT – Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 1,594 shares of the company’s stock, valued at approximately $926,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of SPOT. KERR FINANCIAL PLANNING Corp purchased a new position in Spotify Technology in the third quarter valued at about $26,000. Newbridge Financial Services Group Inc. purchased a new position in Spotify Technology in the fourth quarter valued at about $35,000. JPL Wealth Management LLC acquired a new stake in Spotify Technology during the third quarter valued at approximately $35,000. Wilmington Savings Fund Society FSB raised its stake in Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after buying an additional 30 shares in the last quarter. Finally, Kozak & Associates Inc. raised its stake in Spotify Technology by 1,700.0% during the fourth quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock valued at $39,000 after buying an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages recently issued reports on SPOT. Pivotal Research decreased their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. The Goldman Sachs Group decreased their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Cantor Fitzgerald increased their price target on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Finally, Guggenheim decreased their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $652.16.
Spotify Technology Stock Down 1.9%
SPOT opened at $470.81 on Wednesday. The stock has a fifty day moving average of $482.23 and a 200-day moving average of $508.74. The firm has a market capitalization of $96.93 billion, a P/E ratio of 37.51, a PEG ratio of 1.17 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 – Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 earnings per share. On average, analysts expect that Spotify Technology will post 14.71 earnings per share for the current fiscal year.
Insider Buying and Selling at Spotify Technology
In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction on Friday, May 22nd. The stock was 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the sale, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This represents a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock valued at $54,647,508 in the last quarter. Corporate insiders own 0.40% of the company’s stock.
About Spotify Technology
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.
Featured Articles
- Five stocks we like better than Spotify Technology
- Gravity Check: Houston, SpaceX Has a Valuation Problem
- Strategy’s Bitcoin Rally Has a Hidden Engine
- Okta’s AI Moment May Be Bigger Than Investors Realize
- 3 Rate-Ready Stocks for the New Fed Chair’s First Big Test
Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT – Free Report).
Receive News & Ratings for Spotify Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify Technology and related companies with MarketBeat.com's FREE daily email newsletter.
