State of Wyoming Grows Stock Position in Spotify Technology $SPOT

State of Wyoming boosted its stake in shares of Spotify Technology (NYSE:SPOT) by 90.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 5,625 shares of the company’s stock after buying an additional 2,669 shares during the quarter. Spotify Technology makes up approximately 0.4% of State of Wyoming’s investment portfolio, making the stock its 16th biggest holding. State of Wyoming’s holdings in Spotify Technology were worth $3,266,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Sivia Capital Partners LLC purchased a new stake in Spotify Technology in the second quarter worth $312,000. Jump Financial LLC increased its stake in Spotify Technology by 5.2% in the second quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after purchasing an additional 56 shares during the period. Cary Street Partners Financial LLC purchased a new stake in Spotify Technology in the second quarter worth $178,000. NewEdge Advisors LLC increased its stake in Spotify Technology by 36.9% in the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after purchasing an additional 3,412 shares during the period. Finally, Glenview Trust co purchased a new stake in Spotify Technology in the second quarter worth $298,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Buying and Selling at Spotify Technology

In related 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 transaction of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 111,442 shares of company stock worth $54,647,508. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent analyst reports. Cantor Fitzgerald increased their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Citizens Jmp increased their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Rosenblatt Securities increased their target price on Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research note on Friday, May 22nd. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price on the stock in a research note on Thursday, February 26th. Finally, Barclays increased their target price on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $655.92.

Spotify Technology Trading Down 2.6%

SPOT opened at $488.24 on Thursday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The business’s fifty day simple moving average is $480.38 and its 200-day simple moving average is $516.21. The company has a market capitalization of $100.52 billion, a price-to-earnings ratio of 38.90, a PEG ratio of 1.22 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the prior year, the company earned $1.07 EPS. The business’s revenue was up 8.2% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology will post 14.72 EPS for the current year.

About Spotify Technology

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.