Sequoia Financial Advisors LLC Has $2.50 Million Holdings in Spotify Technology $SPOT

Sequoia Financial Advisors LLC increased its position in shares of Spotify Technology (NYSE:SPOT) by 35.7% in the 1st quarter, HoldingsChannel reports. The firm owned 5,157 shares of the company’s stock after acquiring an additional 1,358 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Spotify Technology were worth $2,501,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of SPOT. Principal Financial Group Inc. lifted its stake in Spotify Technology by 12.9% during the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after purchasing an additional 73,722 shares during the last quarter. City Holding Co. increased its stake in shares of Spotify Technology by 2,515.9% in the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock valued at $3,251,000 after purchasing an additional 5,384 shares during the last quarter. Robeco Schweiz AG increased its stake in shares of Spotify Technology by 37.6% in the 4th quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock valued at $10,769,000 after purchasing an additional 5,071 shares during the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Spotify Technology in the 4th quarter valued at $1,162,000. Finally, Robinhood Asset Management LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth $8,233,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the sale, the chief executive officer directly owned 20,492 shares in the company, valued at approximately $8,826,314.24. This trade represents a 50.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock valued at $54,757,553 over the last quarter. Company insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $480.56 on Wednesday. The firm has a market cap of $98.94 billion, a price-to-earnings ratio of 38.29, a PEG ratio of 1.18 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The firm has a 50 day moving average price of $473.01 and a two-hundred day moving average price of $493.29.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the firm posted $1.07 EPS. The company’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, equities research analysts predict that Spotify Technology will post 14.62 EPS for the current fiscal year.

Trending Headlines about Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify launched a conversational AI assistant for Premium users, allowing listeners to request music and get personalized help inside the app, a potential engagement and retention boost. Spotify expands its AI push with a ChatGPT-like music assistant
• Positive Sentiment: Multiple outlets highlighted the new AI experience as a major upgrade to Spotify’s app, reinforcing the company’s push to use artificial intelligence to improve discovery and user satisfaction. Spotify’s new conversational AI can play tracks you request and answer your music questions
• Positive Sentiment: Spotify’s new controls for Release Radar may help users find new music more easily, supporting better discovery and longer time spent in the app. Spotify just gave Release Radar new controls so you can find new music your way

Wall Street Analysts Forecast Growth

SPOT has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. UBS Group lowered their target price on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Morgan Stanley increased their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Pivotal Research reduced their price target on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. Finally, Citizens Jmp lifted their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $638.58.

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.