Parallel Advisors LLC Purchases 1,124 Shares of Spotify Technology $SPOT

Parallel Advisors LLC raised its position in shares of Spotify Technology (NYSE:SPOT) by 33.2% in the 1st quarter, Holdings Channel reports. The firm owned 4,514 shares of the company’s stock after acquiring an additional 1,124 shares during the period. Parallel Advisors LLC’s holdings in Spotify Technology were worth $2,189,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. Portus Wealth Advisors LLC acquired a new position in shares of Spotify Technology during the 1st quarter worth $32,000. Kemnay Advisory Services Inc. acquired a new stake in Spotify Technology in the fourth quarter valued at about $32,000. Whipplewood Advisors LLC boosted its stake in Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after buying an additional 55 shares in the last quarter. Palladiem LLC bought a new position in Spotify Technology in the first quarter valued at about $34,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Spotify Technology in the fourth quarter valued at about $35,000. 84.09% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the sale, the director owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the sale, the director directly owned 3,619 shares of the company’s stock, valued at $1,903,594. This represents a 60.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 111,442 shares of company stock valued at $54,757,553 over the last three months. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research reports. Morgan Stanley increased their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Canaccord Genuity Group decreased their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Wells Fargo & Company lowered their price objective on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Weiss Ratings downgraded shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Finally, KeyCorp cut their target price on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $638.58.

Spotify Technology Trading Up 0.2%

Shares of SPOT opened at $493.37 on Wednesday. The stock’s 50-day moving average price is $479.05 and its two-hundred day moving average price is $489.88. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The company has a market capitalization of $101.57 billion, a PE ratio of 39.31, a PEG ratio of 1.22 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share 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 company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the prior year, the firm posted $1.07 earnings per share. The business’s quarterly revenue was up 8.2% on a year-over-year basis. Equities research analysts predict that Spotify Technology will post 14.51 EPS for the current fiscal year.

About Spotify Technology

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.