3,843 Shares in Spotify Technology $SPOT Purchased by Diamond Hill Capital Management LLC Investment Advisor

Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in shares of Spotify Technology (NYSE:SPOT) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 3,843 shares of the company’s stock, valued at approximately $1,764,000.

Several other institutional investors have also added to or reduced their stakes in SPOT. JPL Wealth Management LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $35,000. Kemnay Advisory Services Inc. purchased a new position in shares of Spotify Technology in the fourth quarter valued at $32,000. Osbon Capital Management LLC purchased a new position in shares of Spotify Technology in the fourth quarter valued at $35,000. Wilmington Savings Fund Society FSB increased its position in Spotify Technology by 85.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares during the last quarter. Finally, Portus Wealth Advisors LLC bought a new stake in Spotify Technology in the first quarter worth $32,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Buying and Selling

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction that occurred on 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 owned 66,773 shares in the company, valued at $33,526,723.30. The trade was a 7.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 company’s stock in a transaction that occurred 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 directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 116,878 shares of company stock worth $59,081,110 over the last three months. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Stock Down 4.2%

SPOT stock opened at $491.05 on Tuesday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $745.00. The stock has a market capitalization of $101.10 billion, a price-to-earnings ratio of 30.58, a price-to-earnings-growth ratio of 1.26 and a beta of 1.58. The firm’s fifty day simple moving average is $483.26 and its two-hundred day simple moving average is $484.68.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, August 4th. The company reported $2.98 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.18). Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The firm had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.47 billion. During the same period in the prior year, the company posted ($0.42) EPS. The company’s revenue was up 13.9% compared to the same quarter last year. As a group, equities research analysts expect that Spotify Technology will post 14.3 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on SPOT shares. Citizens Jmp increased their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. The Goldman Sachs Group reduced their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Rosenblatt Securities decreased their target price on shares of Spotify Technology from $531.00 to $527.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 5th. Barclays increased their price target on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Finally, UBS Group reduced their price objective on Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $609.05.

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.