Spotify Technology $SPOT Shares Acquired by NewEdge Wealth LLC

NewEdge Wealth LLC increased its holdings in shares of Spotify Technology (NYSE:SPOT) by 23.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,580 shares of the company’s stock after purchasing an additional 2,042 shares during the period. NewEdge Wealth LLC’s holdings in Spotify Technology were worth $5,130,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Alesco Advisors LLC An ESL Co purchased a new position in Spotify Technology in the first quarter valued at about $835,000. First Trust Advisors LP boosted its position in shares of Spotify Technology by 48.3% in the first quarter. First Trust Advisors LP now owns 30,529 shares of the company’s stock worth $14,804,000 after buying an additional 9,941 shares during the period. Westpac Banking Corp boosted its position in shares of Spotify Technology by 18.6% in the first quarter. Westpac Banking Corp now owns 549 shares of the company’s stock worth $266,000 after buying an additional 86 shares during the period. Fortis Capital Management LLC grew its stake in shares of Spotify Technology by 2,618.1% in the first quarter. Fortis Capital Management LLC now owns 11,389 shares of the company’s stock valued at $5,523,000 after buying an additional 10,970 shares in the last quarter. Finally, ABN Amro Investment Solutions acquired a new stake in shares of Spotify Technology in the first quarter valued at about $26,934,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Down 0.9%

Shares of NYSE SPOT opened at $470.04 on Friday. The company has a market capitalization of $96.77 billion, a price-to-earnings ratio of 37.45, a price-to-earnings-growth ratio of 1.17 and a beta of 1.56. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The business has a 50 day simple moving average of $480.69 and a 200-day simple moving average of $488.40.

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

Insider Activity at Spotify Technology

In other news, 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 completion of the transaction, the director directly owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the sale, the chief executive officer directly owned 20,259 shares of the company’s stock, valued at approximately $9,692,918.55. This represents a 50.70% 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. Insiders sold 111,442 shares of company stock valued at $54,757,553 in the last ninety days. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

SPOT has been the topic of several recent research reports. Benchmark reduced their price target on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research report on Wednesday. Pivotal Research lowered their price objective on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Barclays lifted their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Weiss Ratings cut shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, Cantor Fitzgerald upped their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $630.70.

Spotify Technology 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.