KBC Group NV Purchases 12,732 Shares of Spotify Technology $SPOT

KBC Group NV increased its position in shares of Spotify Technology (NYSE:SPOT) by 8.0% in the first quarter, Holdings Channel.com reports. The firm owned 171,921 shares of the company’s stock after purchasing an additional 12,732 shares during the quarter. KBC Group NV’s holdings in Spotify Technology were worth $83,367,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Portus Wealth Advisors LLC purchased a new stake in Spotify Technology in the 1st quarter worth about $32,000. Kemnay Advisory Services Inc. purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $32,000. Whipplewood Advisors LLC grew its stake in shares of Spotify Technology by 423.1% during the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after buying an additional 55 shares during the last quarter. Palladiem LLC bought a new position in shares of Spotify Technology during the first quarter valued at approximately $34,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Spotify Technology in the fourth quarter worth approximately $35,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Spotify Technology stock opened at $478.86 on Monday. The company has a market capitalization of $98.59 billion, a PE ratio of 38.16, a P/E/G ratio of 1.18 and a beta of 1.56. The company has a 50 day moving average price of $476.38 and a 200-day moving average price of $491.10. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations 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 was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.07 earnings per share. On average, analysts forecast that Spotify Technology will post 14.51 earnings per share for the current year.

Analyst Ratings Changes

SPOT has been the subject of a number of research analyst reports. Daiwa Securities Group started coverage on Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target for the company. Morgan Stanley increased their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. KeyCorp decreased their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Canaccord Genuity Group lowered their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Finally, Citizens Jmp upped their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $638.58.

Key Headlines Impacting Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify unveiled a new AI assistant that lets users find songs, build playlists, and explore podcasts using natural language, which could improve engagement and support premium user growth. Spotify’s new AI assistant lets you find songs, create playlists and explore podcasts using natural language
• Positive Sentiment: Jefferies reiterated a Buy rating and a $600 price target ahead of earnings, signaling continued confidence in Spotify’s long-term growth and AI-related product roadmap. Spotify seen delivering steady Q2 results as investors await AI remixing updates
• Neutral Sentiment: Spotify was highlighted in an investor letter as having robust results, suggesting institutional investors still see the company as a strong operator despite recent market noise. Market Overlooked Spotify Technology S.A. (SPOT) Despite Robust Results
• Neutral Sentiment: Spotify partnered with Back Market for a back-to-school promotion, expanding brand visibility but with limited direct financial impact. Back Market Kicks Off Back-to-School Season with Survey Revealing How Parents Are Redefining the Smart Tech Purchase – And Debuting New Partnerships with Duolingo and Spotify
• Negative Sentiment: Zacks said Spotify’s growth story remains intact, but warned that a rich valuation, high royalty costs, and intensifying competition make the risk/reward less attractive. Spotify’s Growth Story Is Intact, but Faces Valuation Threat
• Negative Sentiment: Spotify also faced criticism after Lorde slammed the company over sloppy AI-generated song descriptions, adding a reputational headwind around its AI rollout. Lorde slams Spotify over sloppy AI-generated song descriptions

Insiders Place Their Bets

In other news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the transaction, the chief executive officer owned 20,259 shares of the company’s stock, valued at approximately $9,692,918.55. This represents a 50.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction 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 transaction, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is owned by company insiders.

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.