Meitav Investment House Ltd. Purchases 8,888 Shares of Spotify Technology $SPOT

Meitav Investment House Ltd. raised its position in shares of Spotify Technology (NYSE:SPOT) by 14.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 71,503 shares of the company’s stock after buying an additional 8,888 shares during the quarter. Meitav Investment House Ltd.’s holdings in Spotify Technology were worth $34,673,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp purchased a new position in Spotify Technology during the 3rd quarter valued at about $26,000. JPL Wealth Management LLC bought a new position in shares of Spotify Technology during the third quarter valued at approximately $35,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology during the 4th quarter valued at approximately $32,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Spotify Technology in the 4th quarter worth about $35,000. Finally, Osbon Capital Management LLC purchased a new position in Spotify Technology in the fourth quarter worth about $35,000. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SPOT. Guggenheim lowered their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. KeyCorp lowered their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Benchmark cut their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Finally, Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $641.83.

Spotify Technology Trading Up 2.2%

SPOT traded up $10.58 on Tuesday, hitting $493.59. 391,870 shares of the company’s stock traded hands, compared to its average volume of 2,496,117. The company’s 50 day simple moving average is $470.66 and its 200-day simple moving average is $497.85. The firm has a market cap of $101.62 billion, a price-to-earnings ratio of 39.27, a P/E/G ratio of 1.19 and a beta of 1.56. Spotify Technology has a one year low of $405.00 and a one year high of $748.30.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping 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 business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the prior year, the company posted $1.07 EPS. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, equities analysts anticipate that Spotify Technology will post 14.62 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on 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 completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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, Director Christopher P. Marshall sold 2,650 shares of the firm’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 transaction, the director directly owned 4,039 shares of the company’s stock, valued at $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 85,173 shares of company stock worth $42,176,049 in the last three months. Insiders own 0.40% of the company’s stock.

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.