Kestra Advisory Services LLC Has $2.04 Million Holdings in Spotify Technology $SPOT

Kestra Advisory Services LLC decreased its position in shares of Spotify Technology (NYSE:SPOT) by 27.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,198 shares of the company’s stock after selling 1,600 shares during the quarter. Kestra Advisory Services LLC’s holdings in Spotify Technology were worth $2,036,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Quadcap Wealth Management LLC lifted its holdings in shares of Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after acquiring an additional 16 shares during the period. Sagespring Wealth Partners LLC raised its position in Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after purchasing an additional 18 shares in the last quarter. Objectivity Squared LLC lifted its stake in Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares during the last quarter. Greenleaf Trust boosted its holdings in shares of Spotify Technology by 5.8% in the 4th quarter. Greenleaf Trust now owns 455 shares of the company’s stock valued at $264,000 after purchasing an additional 25 shares in the last quarter. Finally, Condor Capital Management increased its stake in shares of Spotify Technology by 2.6% in the 4th quarter. Condor Capital Management now owns 990 shares of the company’s stock valued at $575,000 after purchasing an additional 25 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on SPOT shares. Daiwa Securities Group started coverage on Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective for the company. UBS Group dropped their price objective on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Canaccord Genuity Group lowered their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Rosenblatt Securities dropped their price target on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research note on Thursday, July 9th. Finally, Pivotal Research reduced their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $638.58.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $492.62 on Tuesday. The firm has a market cap 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. The firm’s fifty day moving average is $477.84 and its 200-day moving average is $490.51. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30.

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

Insider Activity at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 Spotify Technology stock in a transaction dated 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 owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This trade represents a 84.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 111,442 shares of company stock valued at $54,757,553 over the last quarter. 0.40% of the stock is currently owned by company insiders.

About Spotify Technology

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.