Zurcher Kantonalbank Zurich Cantonalbank Boosts Stake in Spotify Technology $SPOT

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Spotify Technology (NYSE:SPOT) by 8.3% in the 4th quarter, Holdings Channel reports. The fund owned 115,303 shares of the company’s stock after acquiring an additional 8,805 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Spotify Technology were worth $66,958,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quadcap Wealth Management LLC grew its stake in Spotify Technology by 5.7% in the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after purchasing an additional 16 shares during the period. Sage Mountain Advisors LLC lifted its position in Spotify Technology by 6.3% during the third quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after buying an additional 17 shares during the period. Sagespring Wealth Partners LLC boosted its holdings in shares of Spotify Technology by 2.9% during the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after buying an additional 18 shares in the last quarter. Granite Group Advisors LLC boosted its holdings in shares of Spotify Technology by 2.6% during the 3rd quarter. Granite Group Advisors LLC now owns 756 shares of the company’s stock valued at $528,000 after buying an additional 19 shares in the last quarter. Finally, Ameritas Advisory Services LLC grew its position in shares of Spotify Technology by 7.9% in the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock worth $181,000 after buying an additional 19 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Activity at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 20,609 shares of the company’s stock, valued at approximately $9,758,773.68. This represents a 50.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the sale, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Barclays decreased their price target on shares of Spotify Technology from $650.00 to $600.00 and set an “overweight” rating for the company in a research note on Wednesday, April 8th. The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. Cantor Fitzgerald decreased their target price on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research note on Wednesday, February 11th. UBS Group lowered their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Friday, January 9th. Finally, Benchmark dropped their price target on Spotify Technology from $860.00 to $760.00 and set a “buy” rating on the stock in a research report on Friday, January 16th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $691.21.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $536.99 on Tuesday. The company has a market capitalization of $110.56 billion, a price-to-earnings ratio of 55.70, a price-to-earnings-growth ratio of 1.18 and a beta of 1.70. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The company’s 50-day moving average is $496.86 and its 200 day moving average is $555.97.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Wednesday, February 11th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the company earned $1.88 earnings per share. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology will post 15.55 earnings per share for the current fiscal 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.