Frank Rimerman Advisors LLC Purchases New Stake in Spotify Technology $SPOT

Frank Rimerman Advisors LLC acquired a new position in shares of Spotify Technology (NYSE:SPOT) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,386 shares of the company’s stock, valued at approximately $672,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Spotify Technology during the 3rd quarter worth $26,000. Portus Wealth Advisors LLC acquired a new stake in Spotify Technology during the first quarter worth about $32,000. Kemnay Advisory Services Inc. acquired a new stake in Spotify Technology during the fourth quarter worth about $32,000. Newbridge Financial Services Group Inc. purchased a new position in Spotify Technology during the fourth quarter worth about $35,000. Finally, Osbon Capital Management LLC purchased a new position in Spotify Technology during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Key Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify updated its song-mixing feature with new customization tools, which could help improve user engagement and strengthen the platform’s appeal. Spotify updates its song-mixing feature with new customization tools
• Positive Sentiment: Recent coverage comparing Spotify with other names in streaming and software continues to highlight Spotify Technology (NYSE: SPOT) as a potentially attractive value opportunity, supporting the bullish long-term thesis. XYZ vs. SPOT: Which Stock Is the Better Value Option?
• Neutral Sentiment: Rosenblatt Securities trimmed its price target on Spotify to $531 from $534 and kept a neutral rating, while Wells Fargo cut its target to $570 from $600 but maintained an overweight rating; both moves suggest some caution, though analysts still see upside from current levels. Benzinga analyst update
• Neutral Sentiment: CEO share sales by Gustav Soderstrom and Alex Norstrom were disclosed, but the filings say the transactions were made to cover tax withholding obligations related to vested equity awards, limiting the negative signal for investors. SEC Form 4 filing for Gustav Soderstrom
• Negative Sentiment: Spotify’s stock is also being weighed by broader concern that insider selling and softer analyst price targets could signal limited near-term upside after a strong run earlier in the year. Investors Heavily Search Spotify Technology (SPOT): Here is What You Need to Know

Wall Street Analysts Forecast Growth

SPOT has been the subject of several analyst reports. Guggenheim dropped their price target on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research report on Thursday. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Benchmark decreased their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, Morgan Stanley increased their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $640.46.

Spotify Technology Stock Down 0.0%

NYSE:SPOT opened at $485.16 on Friday. The stock’s fifty day moving average is $470.38 and its two-hundred day moving average is $495.42. 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 $99.89 billion, a price-to-earnings ratio of 38.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued 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. The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company’s revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 earnings per share. On average, sell-side analysts expect that Spotify Technology will post 14.62 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In other news, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 26th. The shares were 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 of the company’s stock, valued at $1,903,594. This trade represents a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock worth $54,757,553 over the last ninety days. Company insiders own 0.40% of the company’s stock.

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.