C WorldWide Group Holding A S Raises Position in Spotify Technology $SPOT

C WorldWide Group Holding A S raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 11.1% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 10,491 shares of the company’s stock after acquiring 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.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Montanova Capital LLC raised its position in Spotify Technology by 9,154.5% in the 2nd quarter. Montanova Capital LLC now owns 101,800 shares of the company’s stock worth $46,739,000 after purchasing an additional 100,700 shares during the period. SBI Okasan Asset Management Co.Ltd. bought a new position in Spotify Technology during the 4th quarter worth approximately $1,162,000. Sycale Advisors NY LLC grew its holdings in shares of Spotify Technology by 89.6% in the fourth quarter. Sycale Advisors NY LLC now owns 36,075 shares of the company’s stock worth $20,949,000 after purchasing an additional 17,050 shares during the last quarter. Ally Financial Inc. increased its stake in shares of Spotify Technology by 100.0% in the second quarter. Ally Financial Inc. now owns 7,000 shares of the company’s stock worth $3,214,000 after buying an additional 3,500 shares during the period. Finally, Plato Investment Management Ltd bought a new stake in Spotify Technology during the 2nd quarter valued at $1,363,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Spotify Technology

In related news, CEO Alex Norström sold 5,436 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $502.10, for a total value 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 dated Monday, August 3rd. The shares were 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 approximately $10,216,828.08. This trade represents a 50.84% decrease in their ownership of the stock. 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. Insiders sold a total of 52,538 shares of company stock worth $25,878,250 over the last ninety days. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Citizens Jmp upped their price objective 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. Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Barclays lifted their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Finally, Morgan Stanley boosted their price target on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $609.05.

Spotify Technology Stock Down 2.7%

NYSE SPOT opened at $527.60 on Wednesday. The firm has a market capitalization of $108.62 billion, a PE ratio of 32.85, a P/E/G ratio of 1.60 and a beta of 1.59. The stock’s 50 day moving average is $506.20 and its 200 day moving average is $493.13. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $745.00.

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

Spotify Technology Profile

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.