Bank of New York Mellon Corp Acquires 100,728 Shares of Spotify Technology $SPOT

Bank of New York Mellon Corp boosted its holdings in shares of Spotify Technology (NYSE:SPOT) by 14.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 785,135 shares of the company’s stock after acquiring an additional 100,728 shares during the quarter. Bank of New York Mellon Corp’s holdings in Spotify Technology were worth $455,935,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SPOT. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology during the 3rd quarter worth approximately $26,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at $35,000. JPL Wealth Management LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at $35,000. Kozak & Associates Inc. boosted its stake in shares of Spotify Technology by 1,700.0% in the 4th quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock valued at $39,000 after purchasing an additional 68 shares during the last quarter. Finally, Eastern Bank boosted its stake in shares of Spotify Technology by 110.5% in the 4th quarter. Eastern Bank now owns 80 shares of the company’s stock valued at $46,000 after purchasing an additional 42 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Down 2.6%

Spotify Technology stock opened at $488.24 on Thursday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The firm’s fifty day moving average is $480.38 and its 200 day moving average is $516.21. The company has a market capitalization of $100.52 billion, a PE ratio of 38.90, a PEG ratio of 1.22 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) 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 company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the previous year, the company earned $1.07 EPS. Spotify Technology’s quarterly revenue was up 8.2% compared to the same quarter last year. Sell-side analysts expect that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insider Activity

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the transaction, the chief executive officer owned 20,609 shares in the company, valued at approximately $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the transaction, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SPOT shares. Wells Fargo & Company upped their price objective on shares of Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. UBS Group reduced their price objective on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Guggenheim reduced their price objective on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Finally, Morgan Stanley upped their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $655.92.

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.