Banque Cantonale Vaudoise Acquires 1,201 Shares of Spotify Technology $SPOT

Banque Cantonale Vaudoise grew its holdings in shares of Spotify Technology (NYSE:SPOT) by 34.2% during the 1st quarter, HoldingsChannel reports. The fund owned 4,714 shares of the company’s stock after acquiring an additional 1,201 shares during the quarter. Banque Cantonale Vaudoise’s holdings in Spotify Technology were worth $2,286,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in SPOT. Assenagon Asset Management S.A. boosted its stake in shares of Spotify Technology by 5.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 172,409 shares of the company’s stock valued at $83,603,000 after purchasing an additional 9,352 shares in the last quarter. CENTRAL TRUST Co grew its holdings in shares of Spotify Technology by 415.3% during the 1st quarter. CENTRAL TRUST Co now owns 1,077 shares of the company’s stock valued at $522,000 after purchasing an additional 868 shares during the last quarter. Krilogy Financial LLC purchased a new position in Spotify Technology in the 1st quarter worth $228,000. Anchyra Partners LLC lifted its stake in Spotify Technology by 104.3% in the first quarter. Anchyra Partners LLC now owns 958 shares of the company’s stock worth $465,000 after purchasing an additional 489 shares during the last quarter. Finally, Verde Capital Management lifted its stake in Spotify Technology by 81.3% in the first quarter. Verde Capital Management now owns 9,312 shares of the company’s stock worth $4,516,000 after purchasing an additional 4,175 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Pivotal Research reduced their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. KeyCorp dropped their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Wells Fargo & Company raised their price target on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Finally, The Goldman Sachs Group decreased their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $641.83.

Spotify Technology Trading Down 2.9%

Spotify Technology stock opened at $441.94 on Friday. The firm has a 50-day moving average of $477.83 and a 200-day moving average of $502.93. The firm has a market cap of $90.99 billion, a P/E ratio of 35.21, a P/E/G ratio of 1.11 and a beta of 1.56. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) 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 business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the prior year, the company posted $1.07 EPS. Spotify Technology’s quarterly revenue was up 8.2% compared to the same quarter last year. Research analysts forecast that Spotify Technology will post 14.68 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the sale, the chief executive officer owned 20,609 shares of the company’s stock, valued at $9,758,773.68. This trade 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, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction on 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 sale, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is owned by insiders.

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.