M&T Bank Corp Boosts Stake in Spotify Technology $SPOT

M&T Bank Corp boosted its stake in Spotify Technology (NYSE:SPOT) by 157.7% in the 4th quarter, Holdings Channel reports. The firm owned 59,183 shares of the company’s stock after purchasing an additional 36,216 shares during the period. M&T Bank Corp’s holdings in Spotify Technology were worth $34,368,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Greykasell Wealth Strategies Inc. raised its position in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares during the period. KERR FINANCIAL PLANNING Corp purchased a new stake in Spotify Technology in the third quarter valued at approximately $26,000. Westfuller Advisors LLC purchased a new stake in Spotify Technology in the third quarter valued at approximately $29,000. Albion Financial Group UT raised its position in Spotify Technology by 80.0% in the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock valued at $31,000 after purchasing an additional 20 shares during the period. Finally, JPL Wealth Management LLC purchased a new stake in Spotify Technology in the third quarter valued at approximately $35,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the sale, the chief executive officer directly owned 20,609 shares in the company, valued at $9,758,773.68. This represents a 50.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SPOT shares. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and cut their target price for the company from $735.00 to $700.00 in a research report on Friday, January 23rd. KeyCorp boosted their target price on Spotify Technology from $740.00 to $745.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. Cantor Fitzgerald cut their target price on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. Weiss Ratings lowered Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Finally, Guggenheim reduced their target price on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a report on Tuesday, February 24th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $691.21.

Spotify Technology Stock Up 0.1%

Spotify Technology stock opened at $522.82 on Thursday. The firm has a market cap of $107.64 billion, a PE ratio of 54.23, a price-to-earnings-growth ratio of 1.15 and a beta of 1.70. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The company’s 50 day moving average is $498.51 and its two-hundred day moving average is $554.62.

Spotify Technology (NYSE:SPOT) last released its earnings results on Wednesday, February 11th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.88 EPS. On average, equities research analysts anticipate that Spotify Technology will post 15.55 earnings per share for the current fiscal year.

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.