Ancora Advisors LLC Acquires New Holdings in Spotify Technology $SPOT

Ancora Advisors LLC bought a new position in Spotify Technology (NYSE:SPOT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 6,640 shares of the company's stock, valued at approximately $3,049,000.

A number of other large investors have also recently added to or reduced their stakes in SPOT. JPL Wealth Management LLC bought a new stake in Spotify Technology in the 3rd quarter valued at $35,000. Kemnay Advisory Services Inc. bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $32,000. Osbon Capital Management LLC bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $35,000. Wilmington Savings Fund Society FSB grew its position in Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company's stock worth $38,000 after buying an additional 30 shares in the last quarter. Finally, Portus Wealth Advisors LLC acquired a new stake in Spotify Technology during the first quarter worth about $32,000. Institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on SPOT shares. Rosenblatt Securities cut their price target on Spotify Technology from $531.00 to $527.00 and set a "neutral" rating for the company in a report on Wednesday, August 5th. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. UBS Group dropped their price target on shares of Spotify Technology from $735.00 to $690.00 and set a "buy" rating for the company in a research report on Friday, July 10th. Benchmark cut their price target on shares of Spotify Technology from $695.00 to $650.00 and set a "buy" rating for the company in a research note on Wednesday, July 22nd. Finally, Guggenheim reaffirmed a "buy" rating and set a $565.00 price objective on shares of Spotify Technology in a report on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $609.05.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the business's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total value of $10,344,001.16. Following the sale, the chief executive officer owned 20,376 shares in the company, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Alex Norstrom sold 5,436 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the completion of the sale, the chief executive officer directly owned 66,773 shares in the company, valued at approximately $33,526,723.30. This represents a 7.53% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 73,371 shares of company stock worth $36,222,251. Insiders own 0.40% of the company's stock.

Spotify Technology Stock Down 0.6%

SPOT stock opened at $549.51 on Thursday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $745.00. The company has a market cap of $113.13 billion, a P/E ratio of 34.22, a PEG ratio of 1.35 and a beta of 1.58. The business has a fifty day moving average of $490.90 and a 200-day moving average of $487.55.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share for the quarter, missing analysts' consensus estimates of $3.16 by ($0.13). The business had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The company's quarterly revenue was up 13.9% on a year-over-year basis. During the same period last year, the firm earned ($0.42) earnings per share. As a group, equities research analysts anticipate that Spotify Technology will post 14.3 earnings per share for the current fiscal year.

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.

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