Andra AP fonden Boosts Stock Holdings in Spotify Technology $SPOT

Andra AP fonden grew its stake in shares of Spotify Technology (NYSE:SPOT) by 8.4% during the first quarter, Holdings Channel reports. The institutional investor owned 30,920 shares of the company’s stock after purchasing an additional 2,400 shares during the quarter. Andra AP fonden’s holdings in Spotify Technology were worth $14,993,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of SPOT. Portus Wealth Advisors LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at about $32,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology during the 4th quarter worth approximately $32,000. Whipplewood Advisors LLC increased its stake in Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after purchasing an additional 55 shares during the period. Palladiem LLC bought a new stake in Spotify Technology in the first quarter valued at approximately $34,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in Spotify Technology in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on SPOT. The Goldman Sachs Group decreased their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Wells Fargo & Company cut their price target on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. Guggenheim lowered their price objective 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. Barclays increased their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, Pivotal Research cut their target price 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. Two equities research 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $638.58.

Insider Transactions at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $478.45, for a total value of $9,967,548.85. Following the completion of the transaction, the chief executive officer directly owned 20,259 shares of the company’s stock, valued at approximately $9,692,918.55. The trade was a 50.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by corporate insiders.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $493.37 on Wednesday. The company has a 50 day simple moving average of $479.05 and a two-hundred day simple moving average of $489.88. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30. The company has a market capitalization of $101.57 billion, a price-to-earnings ratio of 39.31, a P/E/G ratio of 1.22 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion for 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 business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.07 EPS. On average, analysts forecast that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

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.