World Investment Advisors Raises Holdings in Spotify Technology $SPOT

World Investment Advisors increased its stake in shares of Spotify Technology (NYSE:SPOT) by 59.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,128 shares of the company’s stock after purchasing an additional 1,165 shares during the period. World Investment Advisors’ holdings in Spotify Technology were worth $1,816,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology in the third quarter worth $26,000. JPL Wealth Management LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at $35,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Spotify Technology in the fourth quarter valued at $32,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Spotify Technology during the fourth quarter valued at $35,000. Finally, Wilmington Savings Fund Society FSB boosted its stake in shares of Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after acquiring an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 0.1%

Shares of NYSE:SPOT opened at $468.74 on Friday. The company has a market cap of $96.50 billion, a P/E ratio of 37.35, a P/E/G ratio of 1.14 and a beta of 1.56. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The business has a fifty day simple moving average of $481.13 and a 200-day simple moving average of $506.59.

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 return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the firm posted $1.07 earnings per share. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. Sell-side analysts expect that Spotify Technology will post 14.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of a number of recent research reports. KeyCorp dropped their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Daiwa Securities Group initiated coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price on the stock. Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a report on Thursday, February 26th. Finally, Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $652.16.

Insider Buying and Selling

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares in the company, valued at $1,903,594. The trade was a 60.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock worth $54,647,508 over the last ninety days. Insiders own 0.40% of the company’s stock.

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.