Spotify Technology $SPOT Shares Acquired by Johnson Financial Group Inc.

Johnson Financial Group Inc. increased its stake in Spotify Technology (NYSE:SPOT) by 42.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,539 shares of the company’s stock after purchasing an additional 1,342 shares during the quarter. Johnson Financial Group Inc.’s holdings in Spotify Technology were worth $2,201,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Portus Wealth Advisors LLC purchased a new position in Spotify Technology in the first quarter valued at about $32,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Spotify Technology during the 4th quarter worth approximately $32,000. Whipplewood Advisors LLC boosted its stake in shares of Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after acquiring an additional 55 shares in the last quarter. Palladiem LLC acquired a new stake in shares of Spotify Technology in the 1st quarter worth approximately $34,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of Spotify Technology in the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $492.62 on Tuesday. The business’s fifty day moving average price is $477.84 and its two-hundred day moving average price is $490.51. The stock has a market cap of $101.42 billion, a PE ratio of 39.25, a price-to-earnings-growth ratio of 1.18 and a beta of 1.56. Spotify Technology has a one year low of $405.00 and a one year high of $748.30.

Spotify Technology (NYSE:SPOT) last released its quarterly 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 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 analysts’ expectations of $5.23 billion. During the same period in the previous year, the firm posted $1.07 earnings per share. The business’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 14.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research reports. Morgan Stanley lifted their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Canaccord Genuity Group lowered their target price on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Rosenblatt Securities dropped their price target on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. UBS Group cut their price target on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Finally, Citizens Jmp boosted their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $638.58.

Insider Transactions at Spotify Technology

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the transaction, the director owned 6,383 shares of the company’s stock, valued at $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,903,594. This represents a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 111,442 shares of company stock worth $54,757,553 in the last ninety days. Company insiders own 0.40% of the company’s stock.

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.