Tredje AP fonden Has $31.24 Million Holdings in Spotify Technology $SPOT

Tredje AP fonden raised its holdings in Spotify Technology (NYSE:SPOT) by 119.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 53,796 shares of the company’s stock after purchasing an additional 29,296 shares during the period. Tredje AP fonden’s holdings in Spotify Technology were worth $31,240,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. KERR FINANCIAL PLANNING Corp bought a new position in shares of Spotify Technology in the third quarter worth about $26,000. Greykasell Wealth Strategies Inc. grew its holdings in shares of Spotify Technology by 3,800.0% during the 3rd 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 last quarter. Westfuller Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter worth approximately $29,000. Newbridge Financial Services Group Inc. bought a new position in Spotify Technology in the 4th quarter valued at approximately $35,000. Finally, JPL Wealth Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at approximately $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SPOT. Cantor Fitzgerald decreased their target price on shares of Spotify Technology from $525.00 to $430.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 29th. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday, May 9th. KeyCorp cut their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Benchmark reduced their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, Daiwa Securities Group assumed coverage on Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $645.77.

Insiders Place Their Bets

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total value of $8,973,189.76. Following the completion of the transaction, the chief executive officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold 47,102 shares of company stock valued at $21,444,648 over the last 90 days. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Price Performance

SPOT opened at $444.28 on Tuesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The company’s 50 day moving average price is $485.28 and its two-hundred day moving average price is $528.22. The firm has a market capitalization of $91.47 billion, a price-to-earnings ratio of 35.40, a PEG ratio of 1.05 and a beta of 1.55.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion during 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 company’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 earnings per share. As a group, equities research analysts predict that Spotify Technology will post 14.87 EPS for the current year.

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.