Johnson Financial Group Inc. Grows Stock Position in Spotify Technology $SPOT

Johnson Financial Group Inc. boosted its holdings in Spotify Technology (NYSE:SPOT) by 42.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,539 shares of the company’s stock after buying an additional 1,342 shares during the period. Johnson Financial Group Inc.’s holdings in Spotify Technology were worth $2,201,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. Sivia Capital Partners LLC acquired a new stake in shares of Spotify Technology in the second quarter worth approximately $312,000. Jump Financial LLC increased its position in Spotify Technology by 5.2% during the second quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after purchasing an additional 56 shares during the last quarter. Cary Street Partners Financial LLC acquired a new position in Spotify Technology during the second quarter worth approximately $178,000. NewEdge Advisors LLC raised its stake in Spotify Technology by 36.9% during the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after purchasing an additional 3,412 shares during the period. Finally, Glenview Trust co purchased a new position in Spotify Technology during the second quarter worth approximately $298,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on SPOT shares. Daiwa Securities Group started coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective for the company. The Goldman Sachs Group cut their target price on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Cantor Fitzgerald lifted their target price on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Rosenblatt Securities lowered their price target on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Finally, Pivotal Research dropped their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $638.58.

Spotify Technology Price Performance

NYSE:SPOT opened at $492.62 on Tuesday. The business’s 50-day moving average is $477.84 and its two-hundred day moving average is $490.51. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The firm has a market capitalization of $101.42 billion, a PE ratio of 39.25, a price-to-earnings-growth ratio of 1.18 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the company earned $1.07 earnings per share. Equities analysts anticipate that Spotify Technology will post 14.51 EPS for the current year.

Insider Activity at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction on Monday, July 6th. The shares were sold at an average price of $480.86, for a total value of $2,613,954.96. Following the completion of the sale, the chief executive officer owned 67,582 shares in the company, valued at approximately $32,497,480.52. The trade was a 7.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by 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.