Kestra Advisory Services LLC Sells 1,600 Shares of Spotify Technology $SPOT

Kestra Advisory Services LLC reduced its position in Spotify Technology (NYSE:SPOT) by 27.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,198 shares of the company’s stock after selling 1,600 shares during the quarter. Kestra Advisory Services LLC’s holdings in Spotify Technology were worth $2,036,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in SPOT. State Street Corp lifted its position in shares of Spotify Technology by 1.9% during the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after buying an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Spotify Technology by 4.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after acquiring an additional 149,479 shares during the last quarter. Capital World Investors raised its stake in Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after acquiring an additional 133,108 shares during the period. Fisher Asset Management LLC raised its stake in Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after acquiring an additional 62,887 shares during the period. Finally, Coatue Management LLC lifted its holdings in Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after purchasing an additional 647,708 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Spotify Technology

In other news, Director Thomas O. Staggs sold 5,477 shares of the business’s 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 completion of the transaction, the director directly owned 3,619 shares in the company, valued at $1,903,594. The trade was a 60.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the transaction, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 111,442 shares of company stock worth $54,757,553 in the last ninety days. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Up 3.0%

Shares of SPOT opened at $492.62 on Tuesday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The stock has a market cap of $101.42 billion, a PE ratio of 39.25, a P/E/G ratio of 1.18 and a beta of 1.56. The business’s 50-day moving average price is $477.84 and its 200-day moving average price is $490.51.

Spotify Technology (NYSE:SPOT) last released 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. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the business earned $1.07 earnings per share. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. Analysts expect that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Benchmark reduced their target price on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Cantor Fitzgerald lifted their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Barclays lifted their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Finally, Guggenheim dropped their target price on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $638.58.

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.