Spotify Technology $SPOT Shares Purchased by Brookstone Capital Management

Brookstone Capital Management raised its position in Spotify Technology (NYSE:SPOT) by 72.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,932 shares of the company’s stock after buying an additional 1,234 shares during the period. Brookstone Capital Management’s holdings in Spotify Technology were worth $1,422,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp acquired a new position in Spotify Technology during the third quarter worth about $26,000. Kemnay Advisory Services Inc. purchased a new position in Spotify Technology during the fourth quarter worth about $32,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Spotify Technology during the 4th quarter valued at approximately $35,000. Osbon Capital Management LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $35,000. Finally, JPL Wealth Management LLC acquired a new position in Spotify Technology in the third quarter valued at about $35,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 2.9%

Shares of NYSE:SPOT opened at $441.94 on Friday. The firm’s 50-day simple moving average is $477.83 and its 200-day simple moving average is $502.93. The company has a market cap of $90.99 billion, a price-to-earnings ratio of 35.21, a PEG ratio of 1.11 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

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

Insider Buying and Selling at Spotify Technology

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the sale, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total value of $10,344,001.16. Following the completion of the transaction, the chief executive officer owned 20,376 shares of the company’s stock, valued at $10,117,091.52. The trade was a 50.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 111,442 shares of company stock valued at $54,647,508. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on SPOT. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Wall Street Zen downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. Rosenblatt Securities increased their price target on Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research report on Friday, May 22nd. KeyCorp cut their target price on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Finally, Guggenheim lowered their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $641.83.

About Spotify Technology

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.