Kestra Advisory Services LLC Acquires 1,589 Shares of Spotify Technology $SPOT

Kestra Advisory Services LLC lifted its holdings in Spotify Technology (NYSE:SPOT) by 13.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,376 shares of the company’s stock after buying an additional 1,589 shares during the period. Kestra Advisory Services LLC’s holdings in Spotify Technology were worth $6,519,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of SPOT. Janus Henderson Group PLC lifted its stake in Spotify Technology by 20.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company’s stock worth $829,641,000 after acquiring an additional 286,844 shares in the last quarter. Tiger Global Management LLC boosted its position in Spotify Technology by 25.3% during the 1st quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company’s stock worth $766,527,000 after acquiring an additional 319,300 shares during the period. Amundi boosted its position in Spotify Technology by 20.0% during the 1st quarter. Amundi now owns 1,104,484 shares of the company’s stock worth $535,575,000 after acquiring an additional 183,994 shares during the period. Sei Investments Co. grew its stake in Spotify Technology by 1.8% during 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. Finally, National Pension Service grew its stake in Spotify Technology by 5.7% during the 2nd quarter. National Pension Service now owns 605,199 shares of the company’s stock valued at $277,865,000 after acquiring an additional 32,696 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $608.17 on Thursday. The business’s 50-day moving average price is $541.13 and its two-hundred day moving average price is $502.02. Spotify Technology has a one year low of $405.00 and a one year high of $668.49. The company has a market capitalization of $125.21 billion, a P/E ratio of 40.32, a price-to-earnings-growth ratio of 1.88 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Thursday, October 22nd. The company reported $2.81 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). The firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.64 billion. Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The firm’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same period last year, the business earned $3.28 earnings per share. On average, equities analysts anticipate that Spotify Technology will post 13.66 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Citizens Jmp reissued a “market outperform” rating and issued a $625.00 price target on shares of Spotify Technology in a research report on Friday, October 23rd. Barclays raised their price target on shares of Spotify Technology from $565.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, October 23rd. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $570.00 to $660.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Zacks Research lowered shares of Spotify Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 22nd. Finally, Stonex Financial lowered shares of Spotify Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 14th. Twenty-three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $620.07.

Insider Buying and Selling

In related news, CEO Gustav Söderström sold 20,913 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $544.19, for a total value of $11,380,645.47. Following the transaction, the chief executive officer owned 20,025 shares in the company, valued at approximately $10,897,404.75. This represents a 51.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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.

About Spotify Technology

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.