Kestra Private Wealth Services LLC Buys 1,320 Shares of Spotify Technology $SPOT

Kestra Private Wealth Services LLC raised its stake in shares of Spotify Technology (NYSE:SPOT) by 29.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 5,874 shares of the company’s stock after purchasing an additional 1,320 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Spotify Technology were worth $2,863,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SPOT. Janus Henderson Group PLC lifted its stake in shares of Spotify Technology by 20.1% in the first quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company’s stock valued at $829,641,000 after buying an additional 286,844 shares during the period. Tiger Global Management LLC increased its stake in Spotify Technology by 25.3% during the first quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company’s stock valued at $766,527,000 after acquiring an additional 319,300 shares during the period. Amundi increased its stake in Spotify Technology by 20.0% during the first quarter. Amundi now owns 1,104,484 shares of the company’s stock valued at $535,575,000 after acquiring an additional 183,994 shares during the period. Principal Financial Group Inc. increased its stake in Spotify Technology by 53.4% during the first quarter. Principal Financial Group Inc. now owns 989,667 shares of the company’s stock valued at $479,899,000 after acquiring an additional 344,471 shares during the period. Finally, Sei Investments Co. raised 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 acquiring an additional 13,381 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 2.2%

NYSE SPOT opened at $613.85 on Friday. The stock has a market cap of $126.38 billion, a P/E ratio of 41.62, a PEG ratio of 1.94 and a beta of 1.49. The company’s 50-day simple moving average is $535.91 and its 200 day simple moving average is $500.01. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $668.49.

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 business had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.64 billion. Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The business’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same period last year, the company earned $3.28 EPS. Research analysts anticipate that Spotify Technology will post 13.66 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on SPOT shares. Cantor Fitzgerald raised their price objective on Spotify Technology from $490.00 to $550.00 and gave the stock a “neutral” rating in a research report on Friday, October 23rd. Piper Sandler reissued a “neutral” rating and set a $580.00 price objective (up from $540.00) on shares of Spotify Technology in a report on Friday, October 23rd. JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $650.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. KeyCorp cut their target price on Spotify Technology from $680.00 to $660.00 and set an “overweight” rating for the company in a research note on Thursday, October 1st. Finally, TD Cowen restated a “hold” rating and issued a $525.00 target price on shares of Spotify Technology in a research note on Friday, October 23rd. Twenty-three research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $620.07.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Söderström sold 20,910 shares of the stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $530.13, for a total value of $11,085,018.30. Following the completion of the transaction, the chief executive officer directly owned 19,908 shares of the company’s stock, valued at approximately $10,553,828.04. This represents a 51.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.40% of the company’s stock.

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.