Virtu Financial LLC Buys Shares of 6,160 Spotify Technology $SPOT

Virtu Financial LLC bought a new stake in shares of Spotify Technology (NYSE:SPOT) in the 4th quarter, Holdings Channel reports. The firm bought 6,160 shares of the company’s stock, valued at approximately $3,577,000.

Other hedge funds have also recently made changes to their positions in the company. KERR FINANCIAL PLANNING Corp bought a new position in Spotify Technology during the 3rd quarter valued at approximately $26,000. Kemnay Advisory Services Inc. bought a new stake in Spotify Technology in the fourth quarter worth $32,000. Newbridge Financial Services Group Inc. bought a new stake in Spotify Technology in the fourth quarter worth $35,000. JPL Wealth Management LLC purchased a new stake in shares of Spotify Technology in the third quarter worth $35,000. Finally, Wilmington Savings Fund Society FSB grew its stake in shares of Spotify Technology by 85.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after acquiring an additional 30 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Canaccord Genuity Group reduced their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. The Goldman Sachs Group cut their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Guggenheim reduced their price objective on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Barclays lifted their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, KeyCorp dropped their target price 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. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $652.16.

Spotify Technology Stock Up 2.9%

NYSE SPOT opened at $468.74 on Friday. The company has a 50-day moving average price of $481.41 and a 200-day moving average price of $506.85. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm has a market capitalization of $96.50 billion, a P/E ratio of 37.35, a PEG ratio of 1.11 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm’s revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.07 earnings per share. As a group, equities research analysts anticipate that Spotify Technology will post 14.68 EPS for the current year.

Insiders Place Their Bets

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 completion of the sale, the director owned 4,039 shares of the company’s stock, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction 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 of the company’s stock, valued at approximately $9,758,773.68. The trade was a 50.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is currently owned by corporate insiders.

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.