Spotify Technology $SPOT Stock Holdings Increased by NewEdge Wealth LLC

NewEdge Wealth LLC lifted its stake in shares of Spotify Technology (NYSE:SPOT) by 23.9% during the first quarter, Holdings Channel.com reports. The firm owned 10,580 shares of the company’s stock after acquiring an additional 2,042 shares during the period. NewEdge Wealth LLC’s holdings in Spotify Technology were worth $5,130,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Quadcap Wealth Management LLC increased its stake in Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after buying an additional 16 shares during the period. Objectivity Squared LLC lifted its stake in shares of Spotify Technology by 0.8% in the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after acquiring an additional 20 shares during the period. Greenleaf Trust lifted its stake in shares of Spotify Technology by 5.8% in the 4th quarter. Greenleaf Trust now owns 455 shares of the company’s stock worth $264,000 after acquiring an additional 25 shares during the period. Condor Capital Management boosted its holdings in shares of Spotify Technology by 2.6% in the fourth quarter. Condor Capital Management now owns 990 shares of the company’s stock valued at $575,000 after acquiring an additional 25 shares in the last quarter. Finally, Brookstone Capital Management boosted its holdings in shares of Spotify Technology by 1.6% in the fourth quarter. Brookstone Capital Management now owns 1,698 shares of the company’s stock valued at $986,000 after acquiring an additional 27 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on SPOT shares. Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. KeyCorp lowered their price target on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Rosenblatt Securities cut their price objective on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Finally, Daiwa Securities Group assumed coverage on Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.

Insider Activity at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Monday, July 6th. The stock was sold at an average price of $478.45, for a total value of $9,967,548.85. Following the transaction, the chief executive officer directly owned 20,259 shares in the company, valued at $9,692,918.55. The trade was a 50.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is owned by corporate insiders.

Spotify Technology Price Performance

SPOT stock opened at $470.04 on Friday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The firm has a market cap of $96.77 billion, a PE ratio of 37.45, a P/E/G ratio of 1.17 and a beta of 1.56. The firm has a 50 day simple moving average of $480.69 and a 200 day simple moving average of $488.40.

Spotify Technology (NYSE:SPOT) last issued 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. The firm 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 revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period last year, the firm posted $1.07 earnings per share. As a group, sell-side analysts expect that Spotify Technology will post 14.51 earnings per share 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.