Apollon Wealth Management LLC Purchases 1,896 Shares of Spotify Technology $SPOT

Apollon Wealth Management LLC lifted its position in Spotify Technology (NYSE:SPOT) by 246.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 2,666 shares of the company’s stock after buying an additional 1,896 shares during the period. Apollon Wealth Management LLC’s holdings in Spotify Technology were worth $1,293,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. KERR FINANCIAL PLANNING Corp bought a new position in shares of Spotify Technology during the third quarter valued at approximately $26,000. JPL Wealth Management LLC bought a new position in Spotify Technology in the third quarter worth approximately $35,000. Kemnay Advisory Services Inc. purchased a new stake in Spotify Technology during the fourth quarter worth $32,000. Newbridge Financial Services Group Inc. bought a new stake in Spotify Technology during the 4th quarter valued at $35,000. Finally, Osbon Capital Management LLC purchased a new position in shares of Spotify Technology in the 4th quarter valued at $35,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, 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 value of $1,377,629.00. Following the transaction, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, the director owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 85,173 shares of company stock worth $42,176,049 over the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Spotify Technology Trading Up 2.7%

Shares of SPOT opened at $485.14 on Friday. The firm has a market cap of $99.88 billion, a P/E ratio of 38.66, a PEG ratio of 1.16 and a beta of 1.56. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The stock’s 50 day moving average is $471.41 and its two-hundred day moving average is $498.50.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 EPS 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 business’s revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.07 earnings per share. Equities research analysts forecast that Spotify Technology will post 14.62 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SPOT shares. Weiss Ratings downgraded shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Cantor Fitzgerald upped their price target on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Wells Fargo & Company raised their price objective on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Rosenblatt Securities upped their target price on Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research report on Friday, May 22nd. Finally, Daiwa Securities Group began coverage on Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target for the company. Two 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 company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $641.83.

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.