Spotify Technology $SPOT Stock: Keybank National Association OH Boosts Holdings

Keybank National Association OH lifted its position in shares of Spotify Technology (NYSE:SPOT) by 12.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,467 shares of the company’s stock after acquiring an additional 7,073 shares during the quarter. Keybank National Association OH’s holdings in Spotify Technology were worth $31,420,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Janus Henderson Group PLC increased its stake in Spotify Technology by 20.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company’s stock valued at $829,641,000 after purchasing an additional 286,844 shares in the last quarter. Tiger Global Management LLC boosted its position in Spotify Technology by 25.3% during the first quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company’s stock worth $766,527,000 after purchasing an additional 319,300 shares in the last quarter. Amundi boosted its position in Spotify Technology by 20.0% during the first quarter. Amundi now owns 1,104,484 shares of the company’s stock worth $535,575,000 after purchasing an additional 183,994 shares in the last quarter. Sei Investments Co. boosted its position in Spotify Technology by 1.8% during the first quarter. Sei Investments Co. now owns 749,495 shares of the company’s stock worth $363,415,000 after purchasing an additional 13,381 shares in the last quarter. Finally, Swiss National Bank grew its holdings in Spotify Technology by 28.0% in the first quarter. Swiss National Bank now owns 573,280 shares of the company’s stock valued at $277,989,000 after purchasing an additional 125,240 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $608.17 on Thursday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $668.49. The business has a 50 day moving average price of $541.13 and a 200 day moving average price of $502.02. The company has a market capitalization of $125.21 billion, a P/E ratio of 40.32, a P/E/G ratio of 1.88 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.64 billion. Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. Spotify Technology’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same quarter last year, the company posted $3.28 EPS. As a group, research analysts expect that Spotify Technology will post 13.66 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Benchmark dropped their price target on Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Phillip Securities downgraded Spotify Technology from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, October 26th. Zacks Research lowered shares of Spotify Technology from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 22nd. Piper Sandler reissued a “neutral” rating and issued a $580.00 price objective (up from $540.00) on shares of Spotify Technology in a research note on Friday, October 23rd. Finally, TD Cowen restated a “hold” rating and set a $525.00 target price on shares of Spotify Technology in a report on Friday, October 23rd. Twenty-three research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $620.07.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Söderström sold 20,913 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $544.19, for a total value of $11,380,645.47. Following the sale, the chief executive officer directly owned 20,025 shares in the company, valued at $10,897,404.75. This represents a 51.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Company Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.