Carnegie Investment Counsel Purchases 2,547 Shares of Spotify Technology $SPOT

Carnegie Investment Counsel grew its position in Spotify Technology (NYSE:SPOT) by 321.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,339 shares of the company’s stock after buying an additional 2,547 shares during the period. Carnegie Investment Counsel’s holdings in Spotify Technology were worth $1,619,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SPOT. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $26,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology in the 4th quarter valued at approximately $32,000. Portus Wealth Advisors LLC purchased a new stake in Spotify Technology during the 1st quarter valued at $32,000. Whipplewood Advisors LLC boosted its stake in Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after purchasing an additional 55 shares during the last quarter. Finally, JPL Wealth Management LLC bought a new stake in shares of Spotify Technology in the 3rd quarter worth $35,000. Institutional investors own 84.09% of the company’s stock.

Insider Transactions at Spotify Technology

In related news, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the transaction, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

SPOT has been the subject of several recent analyst reports. Rosenblatt Securities decreased their price target on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Canaccord Genuity Group reduced their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Benchmark reduced their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $638.58.

Spotify Technology Price Performance

NYSE SPOT opened at $480.14 on Tuesday. The stock has a market capitalization of $98.85 billion, a price-to-earnings ratio of 38.26, a PEG ratio of 1.18 and a beta of 1.56. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30. The business’s fifty day moving average price is $471.78 and its 200-day moving average price is $494.04.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping 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 company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. Equities research analysts anticipate that Spotify Technology will post 14.62 EPS for the current year.

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.