C WorldWide Group Holding A S Purchases 1,051 Shares of Spotify Technology $SPOT

C WorldWide Group Holding A S grew its position in Spotify Technology (NYSE:SPOT) by 11.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,491 shares of the company’s stock after purchasing an additional 1,051 shares during the period. C WorldWide Group Holding A S’s holdings in Spotify Technology were worth $4,817,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SPOT. RFG Advisory LLC grew its stake in Spotify Technology by 2.9% in the second quarter. RFG Advisory LLC now owns 2,630 shares of the company’s stock valued at $1,207,000 after acquiring an additional 73 shares during the period. Allworth Financial LP raised its holdings in Spotify Technology by 13.8% during the 2nd quarter. Allworth Financial LP now owns 768 shares of the company’s stock worth $353,000 after buying an additional 93 shares during the period. California State Teachers Retirement System lifted its stake in Spotify Technology by 41,067.3% in the second quarter. California State Teachers Retirement System now owns 74,357,940 shares of the company’s stock valued at $34,139,961,000 after buying an additional 74,177,316 shares in the last quarter. Ameritas Advisory Services LLC boosted its holdings in shares of Spotify Technology by 113.0% in the second quarter. Ameritas Advisory Services LLC now owns 1,031 shares of the company’s stock valued at $473,000 after buying an additional 547 shares during the period. Finally, HB Wealth Management LLC increased its position in shares of Spotify Technology by 7.8% during the second quarter. HB Wealth Management LLC now owns 3,798 shares of the company’s stock worth $1,744,000 after acquiring an additional 275 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Citizens Jmp upped their target price 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. Wells Fargo & Company dropped their target price on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Morgan Stanley raised their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Finally, Benchmark lowered their target price on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $609.05.

Spotify Technology Stock Down 2.7%

SPOT stock opened at $527.60 on Wednesday. The company’s 50-day moving average price is $506.20 and its two-hundred day moving average price is $493.13. The firm has a market cap of $108.62 billion, a P/E ratio of 32.85, a P/E/G ratio of 1.60 and a beta of 1.59. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $745.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.13). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The firm had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.47 billion. During the same quarter in the prior year, the business posted ($0.42) EPS. The business’s revenue was up 13.9% on a year-over-year basis. Equities analysts predict that Spotify Technology will post 14.29 EPS for the current year.

Insider Activity

In other news, CEO Alex Norström sold 5,436 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the completion of the transaction, the chief executive officer directly owned 66,773 shares in the company, valued at $33,526,723.30. This trade represents a 7.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Söderström sold 20,833 shares of Spotify Technology stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $507.24, for a total transaction of $10,567,330.92. Following the transaction, the chief executive officer directly owned 20,142 shares of the company’s stock, valued at $10,216,828.08. This represents a 50.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 52,538 shares of company stock valued at $25,878,250. Insiders own 0.40% of the company’s stock.

About Spotify Technology

Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.

Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.

Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.