ABN AMRO Bank N.V. Purchases 116,827 Shares of Spotify Technology $SPOT

Key Points

• ABN AMRO Bank N.V. increased its Spotify stake by 397.8% in the fourth quarter, buying 116,827 additional shares and bringing its total holding to 146,198 shares worth about $84.6 million.
• Spotify reported strong quarterly results, posting EPS of $4.04 versus the $3.41 estimate and revenue of $5.25 billion, up 8.2% year over year. The company also continues to draw positive analyst coverage, with a consensus rating of Moderate Buy.
• Sentiment is mixed because of insider selling and a new legal investigation by Pomerantz LLP, even as Spotify expands AI features like multilingual support for its AI DJ.

ABN AMRO Bank N.V. raised its position in Spotify Technology (NYSE:SPOT - Free Report) by 397.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 146,198 shares of the company's stock after acquiring an additional 116,827 shares during the quarter. ABN AMRO Bank N.V. owned approximately 0.07% of Spotify Technology worth $84,635,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of SPOT. KERR FINANCIAL PLANNING Corp purchased a new stake in Spotify Technology in the third quarter worth about $26,000. Greykasell Wealth Strategies Inc. increased its position in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock worth $27,000 after buying an additional 38 shares in the last quarter. Westfuller Advisors LLC purchased a new stake in Spotify Technology in the third quarter worth about $29,000. Newbridge Financial Services Group Inc. purchased a new stake in Spotify Technology in the fourth quarter worth about $35,000. Finally, JPL Wealth Management LLC purchased a new stake in Spotify Technology in the third quarter worth about $35,000. Institutional investors own 84.09% of the company's stock.

Spotify Technology News Summary

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

• Positive Sentiment: Spotify continues to draw bullish analyst attention, with recent commentary highlighting meaningful upside from current levels and noting that most covering analysts still rate the stock a Buy. Spotify Technology (SPOT) Down 23% YTD, Should You Buy Before the Next Bull Run?
• Positive Sentiment: Spotify is expanding its AI push, including adding French, German, Italian, and Brazilian Portuguese support to its AI DJ feature, which could broaden engagement and strengthen product differentiation. Spotify's AI DJ now supports French, German, Italian and Brazilian Portuguese
• Positive Sentiment: Management is also leaning into AI-generated personal audio, suggesting a potential new growth avenue and longer-term monetization opportunity. Spotify wants to become the home for AI-generated personal audio
• Positive Sentiment: The company’s recent earnings report was solid, with an earnings beat and revenue slightly above expectations, reinforcing the case that fundamentals remain healthy.
• Neutral Sentiment: Spotify is receiving more investor attention online, which can increase trading interest but does not by itself change the business outlook. Investors Heavily Search Spotify Technology (SPOT): Here is What You Need to Know
• Neutral Sentiment: Coverage of a Peloton earnings beat mentioned a Spotify partnership, but that looks more like incremental visibility than a major near-term driver for Spotify. Peloton Soars 11% on Q3 Profit Turnaround, Raised Guidance, Spotify Partnership
• Negative Sentiment: CEO Gustav Söderström sold 20,833 shares in a pre-arranged 10b5-1 sale, which can weigh on sentiment even though it was tied to tax withholding on vesting awards. Insider sale by Gustav Söderström
• Negative Sentiment: Pomerantz LLP announced an investor investigation into Spotify, adding a legal overhang that could pressure the shares until more details emerge. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Spotify Technology S.A. - SPOT

Insider Buying and Selling

In related news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares of the company's stock, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the sale, the chief executive officer directly owned 20,609 shares of the company's stock, valued at $9,758,773.68. The trade was a 50.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 47,102 shares of company stock valued at $21,444,648. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on SPOT. Pivotal Research reduced their price target on Spotify Technology from $420.00 to $400.00 and set a "hold" rating for the company in a research report on Wednesday, April 29th. Benchmark reduced their price target on Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Canaccord Genuity Group reduced their price target on Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. JPMorgan Chase & Co. reduced their price target on Spotify Technology from $700.00 to $600.00 and set an "overweight" rating for the company in a research report on Wednesday, April 29th. Finally, KeyCorp reduced their price target on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $645.77.

Spotify Technology Trading Up 0.0%

Shares of Spotify Technology stock opened at $417.86 on Monday. The stock has a 50 day moving average of $496.76 and a 200 day moving average of $539.88. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The firm has a market cap of $86.03 billion, a PE ratio of 33.30, a PEG ratio of 1.03 and a beta of 1.55.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results 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 return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the company earned $1.07 earnings per share. The firm's revenue was up 8.2% on a year-over-year basis. As a group, equities research analysts forecast that Spotify Technology will post 14.59 earnings per share for the current fiscal 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.

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.