Spotify Technology $SPOT Shares Purchased by Prudential PLC

by · The Markets Daily

Prudential PLC increased its holdings in shares of Spotify Technology (NYSE:SPOT – Free Report) by 42.0% during the 4th quarter, Holdings Channel.com reports. The fund owned 26,748 shares of the company’s stock after buying an additional 7,913 shares during the period. Prudential PLC’s holdings in Spotify Technology were worth $15,533,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. KERR FINANCIAL PLANNING Corp bought a new position in Spotify Technology in the 3rd quarter worth about $26,000. JPL Wealth Management LLC bought a new position in Spotify Technology in the 3rd quarter worth about $35,000. Newbridge Financial Services Group Inc. bought a new position in Spotify Technology in the 4th quarter worth about $35,000. Kozak & Associates Inc. grew its position in Spotify Technology by 1,700.0% in the 4th quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock worth $39,000 after purchasing an additional 68 shares during the last quarter. Finally, Eastern Bank grew its position in Spotify Technology by 110.5% in the 4th quarter. Eastern Bank now owns 80 shares of the company’s stock worth $46,000 after purchasing an additional 42 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Spotify Technology stock opened at $497.19 on Friday. The firm has a 50 day simple moving average of $481.01 and a 200-day simple moving average of $515.08. The stock has a market capitalization of $102.36 billion, a PE ratio of 39.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.56. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT – Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the business earned $1.07 earnings per share. The business’s quarterly revenue was up 8.2% on a year-over-year basis. On average, analysts forecast that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on SPOT shares. JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Benchmark decreased 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 report on Wednesday, April 29th. The Goldman Sachs Group decreased their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Wells Fargo & Company upped their target price on shares of Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Finally, Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $655.92.

Get Our Latest Report on SPOT

Insider Buying and Selling at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the sale, the chief executive officer directly owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. This represents a 50.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 111,442 shares of company stock valued at $54,647,508. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Company Profile

(Free Report)

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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