Spotify Technology $SPOT Stock Sold by Northeast Investment Management

Northeast Investment Management reduced its holdings in shares of Spotify Technology (NYSE:SPOT) by 12.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 22,262 shares of the company’s stock after selling 3,086 shares during the period. Northeast Investment Management’s holdings in Spotify Technology were worth $10,850,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Janus Henderson Group PLC raised its stake in shares of Spotify Technology by 20.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company’s stock valued at $829,641,000 after acquiring an additional 286,844 shares during the period. Tiger Global Management LLC boosted its position in Spotify Technology by 25.3% during the 1st quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company’s stock worth $766,527,000 after purchasing an additional 319,300 shares during the period. Amundi boosted its position in Spotify Technology by 20.0% during the 1st quarter. Amundi now owns 1,104,484 shares of the company’s stock worth $535,575,000 after purchasing an additional 183,994 shares during the period. Principal Financial Group Inc. boosted its position in Spotify Technology by 53.4% during the 1st quarter. Principal Financial Group Inc. now owns 989,667 shares of the company’s stock worth $479,899,000 after purchasing an additional 344,471 shares during the period. Finally, Sei Investments Co. increased its holdings in Spotify Technology by 1.8% in the 1st quarter. Sei Investments Co. now owns 749,495 shares of the company’s stock valued at $363,415,000 after purchasing an additional 13,381 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several research reports. Rosenblatt Securities reissued a “neutral” rating and issued a $527.00 price objective on shares of Spotify Technology in a research report on Tuesday, October 20th. Wells Fargo & Company raised their target price on Spotify Technology from $570.00 to $660.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $650.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Phillip Securities cut Spotify Technology from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, October 26th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and issued a $625.00 price objective on shares of Spotify Technology in a research report on Friday, October 23rd. Twenty-three investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $620.07.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Söderström sold 20,910 shares of the business’s stock in a transaction dated Monday, October 12th. The shares were sold at an average price of $530.13, for a total value of $11,085,018.30. Following the completion of the sale, the chief executive officer owned 19,908 shares of the company’s stock, valued at approximately $10,553,828.04. The trade was a 51.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.40% of the company’s stock.

Spotify Technology Trading Up 4.6%

SPOT stock opened at $627.47 on Thursday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $668.49. The company has a market capitalization of $129.19 billion, a P/E ratio of 41.60, a PEG ratio of 1.86 and a beta of 1.49. The firm has a 50 day simple moving average of $534.62 and a 200-day simple moving average of $499.47.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Thursday, October 22nd. The company reported $2.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.18 by ($0.37). The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.64 billion. Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. The company’s revenue was up 16.3% on a year-over-year basis. During the same period in the prior year, the company earned $3.28 earnings per share. On average, research analysts predict that Spotify Technology will post 13.66 EPS for the current year.

Spotify Technology Company Profile

Spotify Technology SA is an audio streaming company that operates the Spotify platform, offering users access to music, podcasts and audiobooks through internet-connected devices. Its catalog includes licensed recordings from music labels and artists, as well as podcasts and other audio content from creators and publishers.

Spotify provides both an ad-supported service and subscription-based Premium plans. Premium subscribers generally receive ad-free listening and additional features, while the advertising-supported service allows users to access content without a paid subscription.