Inspire Trust Co. N.A. Purchases 2,000 Shares of Spotify Technology $SPOT

Inspire Trust Co. N.A. grew its position in Spotify Technology (NYSE:SPOT) by 16.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,500 shares of the company’s stock after purchasing an additional 2,000 shares during the period. Inspire Trust Co. N.A.’s holdings in Spotify Technology were worth $7,067,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Knights of Columbus Asset Advisors LLC increased its position in shares of Spotify Technology by 110.0% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 1,961 shares of the company’s stock valued at $956,000 after buying an additional 1,027 shares in the last quarter. Moneco Advisors LLC acquired a new stake in Spotify Technology during the 3rd quarter worth $200,000. Keybank National Association OH raised its stake in Spotify Technology by 12.3% during the 3rd quarter. Keybank National Association OH now owns 64,467 shares of the company’s stock worth $31,420,000 after buying an additional 7,073 shares during the period. Nemes Rush Group LLC lifted its holdings in Spotify Technology by 1.7% during the third quarter. Nemes Rush Group LLC now owns 3,268 shares of the company’s stock worth $1,593,000 after acquiring an additional 54 shares in the last quarter. Finally, Fairscale Capital LLC lifted its holdings in Spotify Technology by 35.2% during the third quarter. Fairscale Capital LLC now owns 73 shares of the company’s stock worth $36,000 after acquiring an additional 19 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Insider Activity 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 sale, the chief executive officer 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SPOT. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 26th. Oppenheimer raised their price target on Spotify Technology from $550.00 to $650.00 and gave the stock an “outperform” rating in a research report on Friday, October 23rd. Morgan Stanley raised their price target on Spotify Technology from $640.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Piper Sandler reiterated 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. Finally, 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. 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $620.07.

Spotify Technology Stock Performance

NYSE:SPOT opened at $605.30 on Wednesday. The stock’s 50-day simple moving average is $539.84 and its 200 day simple moving average is $501.54. The company has a market cap of $124.62 billion, a P/E ratio of 40.13, a P/E/G ratio of 1.89 and a beta of 1.49. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $668.49.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.37). The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.64 billion. Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. 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 posted $3.28 earnings per share. As a group, equities analysts predict that Spotify Technology will post 13.66 earnings per share for the current fiscal year.

Spotify Technology Company Profile

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.