Deutsche Bank AG Buys 201,080 Shares of Spotify Technology $SPOT

Deutsche Bank AG raised its stake in shares of Spotify Technology (NYSE:SPOT) by 15.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,485,921 shares of the company’s stock after acquiring an additional 201,080 shares during the quarter. Deutsche Bank AG owned approximately 0.72% of Spotify Technology worth $862,889,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of SPOT. Sivia Capital Partners LLC bought a new stake in Spotify Technology during the 2nd quarter valued at $312,000. Jump Financial LLC boosted its position in Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock valued at $869,000 after acquiring an additional 56 shares in the last quarter. Cary Street Partners Financial LLC bought a new stake in Spotify Technology during the 2nd quarter valued at $178,000. NewEdge Advisors LLC boosted its position in Spotify Technology by 36.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock valued at $9,707,000 after acquiring an additional 3,412 shares in the last quarter. Finally, Glenview Trust co bought a new stake in Spotify Technology during the 2nd quarter valued at $298,000. Institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of several recent research reports. UBS Group dropped their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Morgan Stanley increased their target price on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Rosenblatt Securities increased their price objective on Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a report on Friday, May 22nd. The Goldman Sachs Group decreased their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. increased their price objective on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $655.92.

Spotify Technology Trading Down 1.3%

Shares of SPOT opened at $496.56 on Wednesday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The stock has a fifty day moving average price of $481.98 and a 200-day moving average price of $512.39. The firm has a market cap of $102.23 billion, a PE ratio of 39.57, a P/E/G ratio of 1.23 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating 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 firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the prior year, the business posted $1.07 EPS. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, research analysts forecast that Spotify Technology will post 14.72 EPS for the current year.

Insider Buying and Selling

In related news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the transaction, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. This trade represents a 7.21% 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 firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the transaction, the chief executive officer owned 20,609 shares of the company’s stock, valued at $9,758,773.68. This trade represents a 50.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 111,442 shares of company stock worth $54,647,508 over the last three months. Corporate 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.