Swedbank AB Buys 444,162 Shares of Spotify Technology $SPOT

Swedbank AB lifted its holdings in Spotify Technology (NYSE:SPOT) by 37.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,616,321 shares of the company’s stock after purchasing an additional 444,162 shares during the quarter. Spotify Technology comprises about 0.9% of Swedbank AB’s portfolio, making the stock its 19th biggest position. Swedbank AB’s holdings in Spotify Technology were worth $938,614,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Spotify Technology in the 3rd quarter worth $26,000. Greykasell Wealth Strategies Inc. boosted its position in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares in the last quarter. Westfuller Advisors LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter worth $29,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Spotify Technology in the 4th quarter worth $35,000. Finally, JPL Wealth Management LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter worth $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Buying and Selling

In related news, CEO Alex Norstrom sold 5,436 shares of the company’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 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. This represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’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 value of $9,864,842.16. Following the completion of the transaction, the chief executive officer owned 20,609 shares in the company, valued at $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

NYSE SPOT opened at $419.47 on Wednesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The stock has a 50-day simple moving average of $498.37 and a two-hundred day simple moving average of $543.26. The firm has a market capitalization of $86.36 billion, a P/E ratio of 33.42, a PEG ratio of 1.08 and a beta of 1.55.

Spotify Technology (NYSE:SPOT) last posted 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 period in the previous year, the business earned $1.07 EPS. Spotify Technology’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, analysts forecast that Spotify Technology will post 14.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Morgan Stanley assumed coverage on Spotify Technology in a research note on Monday, April 13th. They issued an “overweight” rating and a $630.00 target price for the company. Canaccord Genuity Group reduced their target price on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. KeyCorp reduced their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Benchmark reduced their target price on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Finally, UBS Group reduced their target price 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. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $645.77.

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.