1,754 Spotify Technology $SPOT Shares Purchased by Ethic Inc.

Key Points

• Ethic Inc. increased its Spotify stake by 7.7% in the third quarter, buying 1,754 shares and bringing its holdings to 24,675 shares, valued at about $12.0 million.
• Analyst sentiment is broadly positive: 23 analysts rate the stock Buy, with a consensus “Moderate Buy” rating and an average price target of $620.07.
• Spotify’s latest quarter delivered 16.3% year-over-year revenue growth to $5.63 billion, slightly below expectations, while EPS of $2.81 missed the $3.18 consensus estimate.

Ethic Inc. boosted its position in Spotify Technology (NYSE:SPOT - Free Report) by 7.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,675 shares of the company's stock after buying an additional 1,754 shares during the period. Ethic Inc.'s holdings in Spotify Technology were worth $12,026,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Pin Oak Investment Advisors Inc. acquired a new position in Spotify Technology in the 2nd quarter worth approximately $27,000. Whipplewood Advisors LLC lifted its stake in Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company's stock valued at $33,000 after acquiring an additional 55 shares during the period. Palladiem LLC acquired a new stake in Spotify Technology during the 1st quarter valued at approximately $34,000. Tsfg LLC lifted its stake in Spotify Technology by 39.7% during the 2nd quarter. Tsfg LLC now owns 81 shares of the company's stock valued at $37,000 after acquiring an additional 23 shares during the period. Finally, Elevation Wealth Partners LLC boosted its holdings in shares of Spotify Technology by 142.9% in the 3rd quarter. Elevation Wealth Partners LLC now owns 85 shares of the company's stock valued at $41,000 after acquiring an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

SPOT has been the topic of a number of research reports. Phillip Securities lowered shares of Spotify Technology from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, October 26th. Morgan Stanley raised their target price on shares of Spotify Technology from $640.00 to $700.00 and gave the stock an "overweight" rating in a report on Friday, October 23rd. Oppenheimer boosted their target price on shares of Spotify Technology from $550.00 to $650.00 and gave the company an "outperform" rating in a research report on Friday, October 23rd. Piper Sandler reaffirmed a "neutral" rating and issued a $580.00 price target (up from $540.00) on shares of Spotify Technology in a report on Friday, October 23rd. Finally, Argus reaffirmed a "buy" rating and set a $600.00 price target on shares of Spotify Technology in a research report on Thursday, August 13th. Twenty-three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average price target of $620.07.

Spotify Technology Trading Down 0.0%

Shares of SPOT stock opened at $602.71 on Monday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $668.49. The stock has a market cap of $124.09 billion, a P/E ratio of 39.96, a P/E/G ratio of 1.87 and a beta of 1.49. The stock has a 50 day moving average of $537.42 and a 200 day moving average of $500.48.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.37). Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The company had revenue of $5.63 billion during the quarter, compared to analysts' expectations of $5.64 billion. During the same quarter in the prior year, the company posted $3.28 EPS. The company's revenue for the quarter was up 16.3% on a year-over-year basis. On average, research analysts predict that Spotify Technology will post 13.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Söderström sold 20,913 shares of Spotify Technology stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $544.19, for a total transaction of $11,380,645.47. Following the completion of the transaction, the chief executive officer directly owned 20,025 shares of the company's stock, valued at $10,897,404.75. The trade was a 51.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.40% of the stock is currently owned by company insiders.

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.

Spotify is headquartered in Luxembourg, with major operations in Sweden and other countries.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.