ABN AMRO Bank N.V. Has $59.69 Million Stock Holdings in Spotify Technology $SPOT

ABN AMRO Bank N.V. trimmed its holdings in Spotify Technology (NYSE:SPOT) by 16.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 122,253 shares of the company’s stock after selling 23,945 shares during the quarter. ABN AMRO Bank N.V.’s holdings in Spotify Technology were worth $59,692,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quadcap Wealth Management LLC lifted its position in shares of Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after purchasing an additional 16 shares in the last quarter. Sagespring Wealth Partners LLC increased its holdings in shares of Spotify Technology by 2.9% in the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after purchasing an additional 18 shares in the last quarter. Aprio Wealth Management LLC increased its holdings in shares of Spotify Technology by 3.1% in the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after purchasing an additional 19 shares in the last quarter. Modern Wealth Management LLC raised its position in Spotify Technology by 7.4% in the 3rd quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock worth $202,000 after purchasing an additional 20 shares during the last quarter. Finally, Objectivity Squared LLC raised its position in Spotify Technology by 0.8% in the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Buying and Selling at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total value of $10,344,001.16. Following the completion of the transaction, the chief executive officer directly owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. This represents a 50.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the transaction, the director directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock valued at $54,647,508 over the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Spotify Technology Trading Up 4.4%

SPOT stock opened at $460.74 on Friday. The firm has a market cap of $94.86 billion, a PE ratio of 36.71, a P/E/G ratio of 1.12 and a beta of 1.56. The business’s 50-day moving average price is $476.44 and its two-hundred day moving average price is $502.64. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping 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%.Spotify Technology’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 EPS. On average, analysts forecast that Spotify Technology will post 14.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of recent research reports. Rosenblatt Securities increased their price objective on Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research report on Friday, May 22nd. Canaccord Genuity Group decreased their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Wall Street Zen lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. KeyCorp dropped their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $641.83.

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.