Andra AP fonden Acquires 2,400 Shares of Spotify Technology $SPOT

Key Points

• Andra AP fonden increased its Spotify stake by 8.4% in the first quarter, buying 2,400 additional shares and bringing its total holding to 30,920 shares worth about $15.0 million.
• Spotify reported stronger-than-expected quarterly results, with EPS of $4.04 versus the $3.41 consensus and revenue of $5.25 billion, up 8.2% year over year.
• Insiders sold shares while analysts remained mostly constructive: the CEO and a director both reduced their holdings, while Wall Street’s consensus rating stayed at “Moderate Buy” with an average target price of $638.58.

Andra AP fonden grew its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 8.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,920 shares of the company's stock after purchasing an additional 2,400 shares during the quarter. Andra AP fonden's holdings in Spotify Technology were worth $14,993,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Portus Wealth Advisors LLC purchased a new position in Spotify Technology in the first quarter valued at about $32,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Spotify Technology during the 4th quarter worth approximately $32,000. Whipplewood Advisors LLC raised its holdings in shares of Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company's stock worth $33,000 after purchasing an additional 55 shares during the period. Palladiem LLC bought a new stake in shares of Spotify Technology in the 1st quarter worth approximately $34,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $35,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Up 0.2%

Shares of SPOT opened at $493.37 on Wednesday. The company has a market cap of $101.57 billion, a PE ratio of 39.31, a price-to-earnings-growth ratio of 1.22 and a beta of 1.56. The stock has a 50-day moving average price of $479.05 and a 200-day moving average price of $489.88. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the business earned $1.07 earnings per share. The firm's quarterly revenue was up 8.2% compared to the same quarter last year. As a group, analysts predict that Spotify Technology will post 14.51 earnings per share for the current year.

Insider Activity

In related news, Director Christopher P. Marshall sold 2,650 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the director owned 4,039 shares in the company, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total value of $8,973,189.76. Following the completion of the sale, the chief executive officer directly owned 20,492 shares of the company's stock, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last three months, insiders sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SPOT shares. Canaccord Genuity Group reduced their price objective on Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Weiss Ratings lowered Spotify Technology from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. Benchmark cut their target price on shares of Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Cantor Fitzgerald increased their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 26th. Finally, Guggenheim reduced their target price on shares of Spotify Technology from $600.00 to $565.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $638.58.

Spotify Technology 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.

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.