Wesbanco Bank Inc. Boosts Position in Spotify Technology $SPOT

Wesbanco Bank Inc. raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 26.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 7,759 shares of the company’s stock after buying an additional 1,630 shares during the quarter. Wesbanco Bank Inc.’s holdings in Spotify Technology were worth $3,762,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in SPOT. Norges Bank acquired a new stake in shares of Spotify Technology in the fourth quarter worth $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Spotify Technology by 1,382.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock valued at $724,251,000 after purchasing an additional 1,163,045 shares during the period. Capital World Investors boosted its holdings in Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors purchased a new stake in Spotify Technology in the third quarter valued at $512,190,000. Finally, Coatue Management LLC grew its position in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after purchasing an additional 647,708 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 4.4%

Shares of SPOT stock opened at $460.74 on Friday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The business’s 50 day moving average is $476.44 and its two-hundred day moving average is $502.64. The company has a market capitalization of $94.86 billion, a P/E ratio of 36.71, a P/E/G ratio of 1.12 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.07 earnings per share. On average, research analysts predict that Spotify Technology will post 14.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the transaction, the director directly owned 3,619 shares of the company’s stock, valued at $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% 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 in the last 90 days. 0.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on SPOT. UBS Group reduced their price objective on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Pivotal Research dropped their target price on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday. Daiwa Securities Group assumed coverage on Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target for the company. Finally, The Goldman Sachs Group decreased their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $641.83.

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.