Capital Group Private Client Services Inc. Purchases 1,976 Shares of Spotify Technology $SPOT

Capital Group Private Client Services Inc. raised its position in Spotify Technology (NYSE:SPOT) by 57.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,436 shares of the company’s stock after purchasing an additional 1,976 shares during the period. Capital Group Private Client Services Inc.’s holdings in Spotify Technology were worth $3,157,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. KERR FINANCIAL PLANNING Corp bought a new position in Spotify Technology in the 3rd quarter valued at $26,000. Newbridge Financial Services Group Inc. bought a new position in Spotify Technology in the 4th quarter valued at $35,000. JPL Wealth Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at $35,000. Kozak & Associates Inc. boosted its holdings in Spotify Technology by 1,700.0% in the 4th quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock valued at $39,000 after purchasing an additional 68 shares during the period. Finally, Eastern Bank boosted its holdings in Spotify Technology by 110.5% in the 4th quarter. Eastern Bank now owns 80 shares of the company’s stock valued at $46,000 after purchasing an additional 42 shares during the period. 84.09% of the stock is owned by institutional investors.

Insider Transactions at Spotify Technology

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the transaction, the director owned 3,619 shares in the company, valued at approximately $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares in the company, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 111,442 shares of company stock valued at $54,647,508. Company insiders own 0.40% of the company’s stock.

Spotify Technology Stock Up 0.0%

Shares of NYSE:SPOT opened at $497.19 on Monday. The stock has a market cap of $102.36 billion, a PE ratio of 39.62, a PEG ratio of 1.21 and a beta of 1.56. The company’s fifty day moving average is $481.01 and its 200 day moving average is $514.19. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm’s revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 EPS. Sell-side analysts anticipate that Spotify Technology will post 14.72 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a report on Thursday, February 26th. Canaccord Genuity Group dropped their price objective on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday, May 30th. Finally, Barclays lifted their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $655.92.

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.