PNC Financial Services Group Inc. increased its stake in Spotify Technology (NYSE:SPOT – Free Report) by 6.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,362 shares of the company’s stock after purchasing an additional 1,116 shares during the period. PNC Financial Services Group Inc.’s holdings in Spotify Technology were worth $8,419,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Principal Financial Group Inc. raised its position in Spotify Technology by 12.9% during the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock valued at $374,672,000 after purchasing an additional 73,722 shares in the last quarter. City Holding Co. boosted its holdings in shares of Spotify Technology by 2,515.9% in the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after purchasing an additional 5,384 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new position in shares of Spotify Technology in the 4th quarter worth about $1,162,000. Robeco Schweiz AG increased its position in shares of Spotify Technology by 37.6% during the 4th quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock valued at $10,769,000 after purchasing an additional 5,071 shares during the last quarter. Finally, Robinhood Asset Management LLC bought a new position in shares of Spotify Technology during the 4th quarter valued at about $8,233,000. 84.09% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on SPOT shares. UBS Group dropped their target price on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Guggenheim reduced their price target on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Pivotal Research reduced their price target on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Citizens Jmp lifted their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Finally, Morgan Stanley boosted their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.
Insiders Place Their Bets
In other news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’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 represents a 50.41% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Over the last ninety days, insiders sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by corporate insiders.
Spotify Technology Trading Up 0.1%
Shares of NYSE:SPOT opened at $483.27 on Monday. The stock has a market capitalization of $99.49 billion, a P/E ratio of 38.51, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. The stock’s 50-day moving average price is $481.62 and its 200-day moving average price is $487.62. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30.
Spotify Technology (NYSE:SPOT – Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share 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 analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.07 EPS. As a group, research analysts predict that Spotify Technology will post 14.51 EPS for the current year.
Trending Headlines about Spotify Technology
Here are the key news stories impacting Spotify Technology this week:
- Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
- Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
- Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
- Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime
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.
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