Sei Investments Co. Boosts Stock Position in Spotify Technology $SPOT

Sei Investments Co. boosted its stake in shares of Spotify Technology (NYSE:SPOT) by 1.8% in the first quarter, Holdings Channel reports. The institutional investor owned 749,495 shares of the company’s stock after purchasing an additional 13,381 shares during the period. Sei Investments Co.’s holdings in Spotify Technology were worth $363,415,000 as of its most recent SEC filing.

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

Spotify Technology Price Performance

SPOT stock opened at $474.72 on Thursday. The stock has a market capitalization of $97.74 billion, a P/E ratio of 37.83, a P/E/G ratio of 1.22 and a beta of 1.56. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30. The business has a fifty day moving average price of $479.93 and a 200-day moving average price of $489.13.

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

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer owned 20,492 shares in the company, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the sale, the chief executive officer directly 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SPOT. KeyCorp dropped their price target on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. JPMorgan Chase & Co. raised 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. Pivotal Research decreased their target price on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Rosenblatt Securities dropped their target price on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Finally, Weiss Ratings cut shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $630.70.

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.