Keybank National Association OH Purchases 34,621 Shares of Spotify Technology $SPOT

Keybank National Association OH increased its holdings in Spotify Technology (NYSE:SPOT) by 4,035.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,479 shares of the company’s stock after acquiring an additional 34,621 shares during the quarter. Keybank National Association OH’s holdings in Spotify Technology were worth $17,204,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. KERR FINANCIAL PLANNING Corp purchased a new position in Spotify Technology during the 3rd quarter valued at about $26,000. JPL Wealth Management LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $35,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Spotify Technology in the 4th quarter worth approximately $32,000. Newbridge Financial Services Group Inc. bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $35,000. Finally, Osbon Capital Management LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $35,000. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Citizens Jmp boosted their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Wells Fargo & Company increased their target price on Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Barclays boosted their price target on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Finally, The Goldman Sachs Group dropped their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $641.83.

Spotify Technology Trading Down 0.2%

Shares of SPOT stock opened at $485.14 on Friday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The business’s fifty day simple moving average is $470.66 and its 200-day simple moving average is $498.40. The company has a market cap of $99.88 billion, a PE ratio of 38.66, a PEG ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 EPS. On average, equities analysts forecast that Spotify Technology will post 14.62 earnings per share for the current year.

Insiders Place Their Bets

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was 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 owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the sale, the director owned 3,619 shares in the company, valued at $1,903,594. The trade was a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 85,173 shares of company stock valued at $42,176,049. 0.40% of the stock is currently owned by corporate insiders.

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.