Alesco Advisors LLC An ESL Co Invests $835,000 in Spotify Technology $SPOT

Alesco Advisors LLC An ESL Co bought a new stake in Spotify Technology (NYSE:SPOT) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,721 shares of the company’s stock, valued at approximately $835,000.

A number of other large investors have also added to or reduced their stakes in SPOT. Portus Wealth Advisors LLC purchased a new stake in Spotify Technology during the 1st quarter worth $32,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Spotify Technology during the fourth quarter worth approximately $32,000. Whipplewood Advisors LLC increased its stake in shares of Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after buying an additional 55 shares during the last quarter. Palladiem LLC acquired a new stake in Spotify Technology in the first quarter valued at $34,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology in the fourth quarter valued at $35,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $480.86, for a total value of $2,613,954.96. Following the transaction, the chief executive officer owned 67,582 shares of the company’s stock, valued at approximately $32,497,480.52. This trade represents a 7.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the transaction, the chief executive officer directly owned 20,492 shares in the company, valued at approximately $8,826,314.24. This trade represents a 50.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 111,442 shares of company stock worth $54,757,553 over the last three months. Company insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

SPOT opened at $493.37 on Wednesday. The company has a market capitalization of $101.57 billion, a PE ratio of 39.31, a P/E/G ratio of 1.22 and a beta of 1.56. The stock’s fifty day moving average is $479.05 and its 200-day moving average is $489.88. Spotify Technology has a one year low of $405.00 and a one year high of $748.30.

Spotify Technology (NYSE:SPOT) last released its 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 business had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 EPS. On average, equities research analysts forecast that Spotify Technology will post 14.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. UBS Group cut their price objective on Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Barclays lifted their price target on shares of 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 target price on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research note on Friday, May 22nd. Wells Fargo & Company reduced their price target on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. Finally, Benchmark lowered their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $638.58.

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.