Mmbg Investment Advisors CO. Has $2.30 Million Stake in Spotify Technology $SPOT

Mmbg Investment Advisors CO. boosted its holdings in Spotify Technology (NYSE:SPOT) by 63.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,954 shares of the company’s stock after purchasing an additional 1,535 shares during the quarter. Mmbg Investment Advisors CO.’s holdings in Spotify Technology were worth $2,296,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology in the 3rd quarter valued at approximately $26,000. Greykasell Wealth Strategies Inc. raised 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 valued at $27,000 after buying an additional 38 shares in the last quarter. Westfuller Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at approximately $29,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Spotify Technology in the 4th quarter valued at approximately $35,000. Finally, JPL Wealth Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at approximately $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on SPOT. Citizens Jmp boosted their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday. UBS Group dropped their target price on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Barclays boosted their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price for the company in a research report on Thursday, February 26th. Finally, Moffett Nathanson initiated coverage on shares of Spotify Technology in a report on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $652.46.

Insider Buying and Selling

In other news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the transaction, the chief executive officer owned 20,492 shares in the company, valued at $8,826,314.24. This trade represents a 50.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 47,102 shares of company stock worth $21,444,648 over the last three months. Insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

SPOT opened at $518.92 on Tuesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The firm has a market capitalization of $106.83 billion, a price-to-earnings ratio of 41.35, a PEG ratio of 1.25 and a beta of 1.55. The company’s 50 day moving average price is $480.00 and its two-hundred day moving average price is $522.24.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the firm posted $1.07 EPS. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, equities research analysts predict that Spotify Technology will post 14.86 EPS for the current year.

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.