Swedbank AB lessened its stake in shares of Spotify Technology (NYSE:SPOT – Free Report) by 13.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 1,393,327 shares of the company’s stock after selling 222,994 shares during the period. Spotify Technology accounts for 0.7% of Swedbank AB’s holdings, making the stock its 29th biggest position. Swedbank AB’s holdings in Spotify Technology were worth $675,638,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of SPOT. Quadcap Wealth Management LLC grew its stake in shares of Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after acquiring an additional 16 shares during the period. Sagespring Wealth Partners LLC raised its stake in Spotify Technology by 2.9% during the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after acquiring an additional 18 shares during the period. Modern Wealth Management LLC raised its stake in Spotify Technology by 7.4% during the 3rd quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock worth $202,000 after acquiring an additional 20 shares during the period. Objectivity Squared LLC lifted its holdings in Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock valued at $1,499,000 after purchasing an additional 20 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Spotify Technology by 1.4% during the fourth quarter. GAMMA Investing LLC now owns 1,667 shares of the company’s stock valued at $968,000 after purchasing an additional 23 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.
Spotify Technology Stock Up 1.3%
Spotify Technology stock traded up $6.07 during midday trading on Tuesday, reaching $489.07. 334,955 shares of the stock traded hands, compared to its average volume of 2,495,309. The stock has a market cap of $100.69 billion, a P/E ratio of 39.09, a PEG ratio of 1.19 and a beta of 1.56. The stock’s fifty day moving average is $470.66 and its 200-day moving average is $497.85. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on SPOT. Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Citizens Jmp upped their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. 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 target for the company. Finally, Morgan Stanley raised their price target on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. 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. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $641.83.
Check Out Our Latest Research Report on Spotify Technology
Insider Buying and Selling at Spotify Technology
In related news, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction on 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 sale, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the sale, the director directly owned 3,619 shares in the company, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 85,173 shares of company stock valued at $42,176,049. 0.40% of the stock is owned by company 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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