PNC Financial Services Group Inc. Acquires 1,116 Shares of Spotify Technology $SPOT

PNC Financial Services Group Inc. boosted its holdings in shares of Spotify Technology (NYSE:SPOT) by 6.9% during the first quarter, Holdings Channel reports. The firm owned 17,362 shares of the company’s stock after acquiring an additional 1,116 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Spotify Technology were worth $8,419,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of SPOT. State Street Corp lifted its holdings in Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after buying an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Spotify Technology by 4.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after buying an additional 149,479 shares during the last quarter. Capital World Investors increased its stake in shares of Spotify Technology by 4.9% during the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after buying an additional 133,108 shares during the period. Fisher Asset Management LLC increased its stake in shares of Spotify Technology by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after buying an additional 62,887 shares during the period. Finally, Coatue Management LLC raised its holdings in shares of Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after acquiring an additional 647,708 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. JPMorgan Chase & Co. raised their price target on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Morgan Stanley boosted their price objective 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. UBS Group decreased their price objective on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a report on Friday, July 10th. Citizens Jmp raised their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Finally, Benchmark cut their target price on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $630.70.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $483.27 on Monday. The firm has a market capitalization of $99.49 billion, a P/E ratio of 38.51, a P/E/G ratio of 1.19 and a beta of 1.56. The stock has a 50 day moving average price of $481.62 and a 200-day moving average price of $487.62. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm’s revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.07 earnings per share. On average, equities analysts forecast that Spotify Technology will post 14.51 EPS for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other news, Director Christopher P. Marshall sold 2,650 shares of the business’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 sale, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the sale, the chief executive officer owned 20,492 shares in the company, valued at approximately $8,826,314.24. This trade represents a 50.41% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 111,442 shares of company stock valued at $54,757,553. Company insiders own 0.40% of the company’s stock.

Key Stories Impacting Spotify Technology

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

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

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.