Cetera Investment Advisers Has $19.51 Million Holdings in Spotify Technology $SPOT

Cetera Investment Advisers increased its holdings in Spotify Technology (NYSE:SPOT) by 9.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,231 shares of the company’s stock after purchasing an additional 3,420 shares during the period. Cetera Investment Advisers’ holdings in Spotify Technology were worth $19,508,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Sivia Capital Partners LLC acquired a new stake in shares of Spotify Technology in the second quarter worth about $312,000. Jump Financial LLC boosted its stake in shares of Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after acquiring an additional 56 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in shares of Spotify Technology during the 2nd quarter valued at about $178,000. NewEdge Advisors LLC increased its holdings in shares of Spotify Technology by 36.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock valued at $9,707,000 after acquiring an additional 3,412 shares during the last quarter. Finally, Glenview Trust co bought a new position in shares of Spotify Technology in the 2nd quarter valued at approximately $298,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Up 2.6%

Shares of Spotify Technology stock opened at $495.05 on Tuesday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The company’s fifty day simple moving average is $482.63 and its 200-day simple moving average is $487.08. The company has a market cap of $101.92 billion, a price-to-earnings ratio of 39.45, a PEG ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the prior year, the company earned $1.07 EPS. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. As a group, research analysts forecast that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the subject of several analyst reports. Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Barclays increased their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Citizens Jmp lifted their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. Guggenheim reduced 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. Finally, Rosenblatt Securities decreased their price objective on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $630.70.

Insider Activity at Spotify Technology

In other news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction dated 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 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 SEC, which can be accessed through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the transaction, the chief executive officer directly owned 67,582 shares of the company’s stock, valued at $32,497,480.52. This represents a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 111,442 shares of company stock worth $54,757,553. 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.