Brookstone Capital Management Grows Stake in Spotify Technology $SPOT

Brookstone Capital Management increased its stake in shares of Spotify Technology (NYSE:SPOT) by 72.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,932 shares of the company’s stock after acquiring an additional 1,234 shares during the quarter. Brookstone Capital Management’s holdings in Spotify Technology were worth $1,422,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp bought a new position in Spotify Technology during the third quarter valued at $26,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology during the fourth quarter valued at $32,000. Newbridge Financial Services Group Inc. bought a new position in Spotify Technology during the 4th quarter valued at about $35,000. Osbon Capital Management LLC purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $35,000. Finally, JPL Wealth Management LLC bought a new position in shares of Spotify Technology during the third quarter valued at approximately $35,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 2.9%

Spotify Technology stock opened at $441.94 on Friday. The stock has a 50-day moving average price of $477.83 and a 200 day moving average price of $502.93. The company has a market capitalization of $90.99 billion, a price-to-earnings ratio of 35.21, a price-to-earnings-growth ratio of 1.11 and a beta of 1.56. 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion during 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 posted $1.07 earnings per share. Research analysts anticipate that Spotify Technology will post 14.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SPOT shares. Barclays lifted their target price on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. UBS Group reduced their price target on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Morgan Stanley lifted 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. Cantor Fitzgerald lifted their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Finally, The Goldman Sachs Group decreased their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $641.83.

Insider Activity

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction that occurred 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 transaction, 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 can be accessed through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 111,442 shares of company stock valued at $54,647,508 over the last 90 days. Company insiders own 0.40% of the company’s stock.

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.