Lansforsakringar Fondforvaltning AB publ Has $31.95 Million Stock Position in Spotify Technology $SPOT

Lansforsakringar Fondforvaltning AB publ increased its holdings in Spotify Technology (NYSE:SPOT) by 3.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 65,891 shares of the company’s stock after purchasing an additional 2,118 shares during the quarter. Lansforsakringar Fondforvaltning AB publ’s holdings in Spotify Technology were worth $31,951,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SPOT. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Spotify Technology in the third quarter valued at about $26,000. Portus Wealth Advisors LLC acquired a new position in shares of Spotify Technology in the first quarter worth approximately $32,000. Kemnay Advisory Services Inc. bought a new stake in Spotify Technology in the fourth quarter valued at approximately $32,000. Newbridge Financial Services Group Inc. bought a new stake in Spotify Technology in the fourth quarter valued at approximately $35,000. Finally, Osbon Capital Management LLC acquired a new stake in Spotify Technology during the 4th quarter valued at approximately $35,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. 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 Spotify Technology stock in a transaction 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 completion of the sale, the director directly owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock valued at $54,647,508 over the last 90 days. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SPOT shares. Barclays boosted their price target on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Canaccord Genuity Group lowered their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Cantor Fitzgerald boosted their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. UBS Group cut their price target on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Finally, Guggenheim decreased their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $641.83.

Spotify Technology Stock Performance

Spotify Technology stock opened at $461.07 on Tuesday. The stock has a market capitalization of $94.92 billion, a price-to-earnings ratio of 36.74, a PEG ratio of 1.12 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $778.33. The stock’s 50 day moving average price is $475.02 and its two-hundred day moving average price is $501.24.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The company 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 quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 EPS. On average, equities research analysts forecast that Spotify Technology will post 14.68 EPS for the current year.

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.