Spotify Technology $SPOT Position Raised by Vanguard Group Inc.

Vanguard Group Inc. raised its stake in Spotify Technology (NYSE:SPOTFree Report) by 2.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 1,034,213 shares of the company’s stock after buying an additional 28,331 shares during the quarter. Vanguard Group Inc. owned approximately 0.50% of Spotify Technology worth $600,578,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology in the third quarter valued at $26,000. Greykasell Wealth Strategies Inc. lifted its stake in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the last quarter. Westfuller Advisors LLC bought a new stake in Spotify Technology in the third quarter valued at $29,000. Salomon & Ludwin LLC lifted its stake in Spotify Technology by 2,500.0% in the third quarter. Salomon & Ludwin LLC now owns 52 shares of the company’s stock valued at $35,000 after buying an additional 50 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new stake in Spotify Technology in the fourth quarter valued at $35,000. 84.09% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Barclays cut their target price on Spotify Technology from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price on the stock in a research note on Thursday, February 26th. KeyCorp lowered their price target on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Benchmark lowered their price target on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, Guggenheim lowered their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $645.77.

Get Our Latest Stock Analysis on Spotify Technology

Insider Transactions at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the transaction, the chief executive officer directly owned 20,609 shares of the company’s stock, valued at $9,758,773.68. The trade was a 50.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.40% of the stock is owned by insiders.

Spotify Technology Stock Up 0.1%

NYSE:SPOT opened at $441.84 on Monday. The business’s 50-day moving average price is $499.80 and its 200 day moving average price is $545.05. The firm has a market cap of $90.97 billion, a P/E ratio of 35.21, a PEG ratio of 1.09 and a beta of 1.55. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOTGet Free Report) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.07 earnings per share. Sell-side analysts expect that Spotify Technology will post 14.51 EPS for the current year.

Spotify Technology Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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