Border to Coast Pensions Partnership Ltd Takes Position in Spotify Technology $SPOT

Border to Coast Pensions Partnership Ltd bought a new stake in shares of Spotify Technology (NYSE:SPOT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 37,435 shares of the company’s stock, valued at approximately $18,208,000.

Other large investors have also added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp bought a new position in shares of Spotify Technology during the 3rd quarter worth approximately $26,000. Kemnay Advisory Services Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at $32,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Spotify Technology during the 4th quarter valued at $35,000. Osbon Capital Management LLC acquired a new position in shares of Spotify Technology during the 4th quarter valued at $35,000. Finally, JPL Wealth Management LLC bought a new position in Spotify Technology during the third quarter worth $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Activity at Spotify Technology

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 111,442 shares of company stock valued at $54,647,508 over the last quarter. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Trading Up 4.4%

Shares of SPOT stock opened at $460.74 on Friday. The firm has a market capitalization of $94.86 billion, a PE ratio of 36.71, a price-to-earnings-growth ratio of 1.12 and a beta of 1.56. The firm has a fifty day simple moving average of $476.44 and a two-hundred day simple moving average of $502.64. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the firm earned $1.07 earnings per share. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, equities analysts predict that Spotify Technology will post 14.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SPOT shares. Cantor Fitzgerald raised their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Daiwa Securities Group assumed coverage on shares of Spotify Technology in a report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective on the stock. Benchmark cut their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. KeyCorp reduced their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Finally, Wall Street Zen lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $641.83.

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.