KLP Kapitalforvaltning AS Purchases 1,340 Shares of Spotify Technology $SPOT

KLP Kapitalforvaltning AS grew its position in Spotify Technology (NYSE:SPOT) by 1.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 134,840 shares of the company’s stock after acquiring an additional 1,340 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Spotify Technology were worth $78,303,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Helios Capital Management PTE. Ltd. boosted its stake in Spotify Technology by 56.3% in the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after purchasing an additional 2,700 shares in the last quarter. Bessemer Group Inc. boosted its stake in Spotify Technology by 35.1% in the 3rd quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock worth $476,483,000 after purchasing an additional 177,310 shares in the last quarter. Truxt Investmentos Ltda. acquired a new stake in Spotify Technology in the 3rd quarter worth approximately $2,093,000. Ownership Capital B.V. acquired a new stake in Spotify Technology in the 3rd quarter worth approximately $2,769,000. Finally, Vanguard Group Inc. boosted its stake in Spotify Technology by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock worth $702,106,000 after purchasing an additional 24,199 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Down 2.6%

SPOT opened at $522.78 on Wednesday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The firm has a market capitalization of $107.63 billion, a PE ratio of 54.23, a P/E/G ratio of 1.18 and a beta of 1.70. The firm has a 50 day moving average of $497.79 and a two-hundred day moving average of $554.85.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the firm posted $1.88 EPS. Spotify Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, analysts predict that Spotify Technology will post 15.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent analyst reports. Benchmark lowered their target price on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research note on Friday, January 16th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. KeyCorp lifted their target price on shares of Spotify Technology from $740.00 to $745.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. Daiwa Securities Group initiated coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price for the company. Finally, Guggenheim lowered their target price on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $691.21.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the completion of the transaction, the chief executive officer directly owned 20,609 shares of the company’s stock, valued at approximately $9,758,773.68. This trade represents a 50.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was 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 $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.40% of the company’s stock.

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.