Fjarde AP Fonden Fourth Swedish National Pension Fund Buys New Shares in Spotify Technology $SPOT

Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new stake in Spotify Technology (NYSE:SPOT) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 185,000 shares of the company’s stock, valued at approximately $89,708,000. Fjarde AP Fonden Fourth Swedish National Pension Fund owned about 0.09% of Spotify Technology at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology during the 3rd quarter worth about $26,000. Portus Wealth Advisors LLC acquired a new stake in shares of Spotify Technology in the first quarter valued at about $32,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $32,000. Newbridge Financial Services Group Inc. bought a new stake in Spotify Technology during the fourth quarter worth about $35,000. Finally, Osbon Capital Management LLC bought a new stake in Spotify Technology during the fourth quarter worth about $35,000. 84.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SPOT. Cantor Fitzgerald raised their price target on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Barclays upped their price objective on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Morgan Stanley increased their price objective on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. The Goldman Sachs Group decreased their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Finally, Guggenheim lowered their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $641.83.

Insiders Place Their Bets

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction 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 sale, the director owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This trade represents a 84.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the sale, the chief executive officer directly owned 20,492 shares of the company’s stock, valued at $8,826,314.24. This represents a 50.41% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 85,173 shares of company stock valued at $42,176,049. 0.40% of the stock is owned by insiders.

Spotify Technology Stock Performance

Spotify Technology stock opened at $485.14 on Friday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30. The stock has a market capitalization of $99.88 billion, a P/E ratio of 38.66, a PEG ratio of 1.16 and a beta of 1.56. The stock has a 50-day simple moving average of $471.41 and a 200 day simple moving average of $498.50.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.07 earnings per share. Research analysts forecast that Spotify Technology will post 14.62 earnings per share for the current year.

Spotify Technology 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.