Bank of New York Mellon Corp Has $455.94 Million Stake in Spotify Technology $SPOT

Key Points

• Bank of New York Mellon increased its Spotify stake by 14.7% in the fourth quarter, ending with 785,135 shares worth about $455.9 million. Institutional investors overall still own a large majority of the company, at 84.09%.
• Spotify insiders have been selling shares recently, including directors Sven Hans Martin Lorentzon and Thomas O. Staggs. Over the last 90 days, insiders sold 111,442 shares valued at about $54.6 million.
• Spotify reported strong quarterly results, with EPS of $4.04 beating expectations and revenue of $5.25 billion topping estimates. The stock was trading down 2.6% at $488.24, while analysts currently rate it a Moderate Buy with an average target price of $655.92.

Bank of New York Mellon Corp boosted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 14.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 785,135 shares of the company's stock after purchasing an additional 100,728 shares during the quarter. Bank of New York Mellon Corp owned 0.38% of Spotify Technology worth $455,935,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quadcap Wealth Management LLC raised its position in shares of Spotify Technology by 5.7% in the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company's stock valued at $206,000 after buying an additional 16 shares in the last quarter. Sagespring Wealth Partners LLC raised its position in shares of Spotify Technology by 2.9% in the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company's stock valued at $370,000 after buying an additional 18 shares in the last quarter. Ameritas Advisory Services LLC raised its position in shares of Spotify Technology by 7.9% in the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company's stock valued at $181,000 after buying an additional 19 shares in the last quarter. Aprio Wealth Management LLC raised its position in shares of Spotify Technology by 3.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company's stock valued at $442,000 after buying an additional 19 shares in the last quarter. Finally, Petra Financial Advisors Inc. raised its position in shares of Spotify Technology by 1.2% in the 3rd quarter. Petra Financial Advisors Inc. now owns 1,639 shares of the company's stock valued at $1,144,000 after buying an additional 20 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Insider Activity at Spotify Technology

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director directly owned 6,383 shares of the company's stock, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the sale, the director directly owned 3,619 shares in the company, valued at $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock worth $54,647,508 in the last ninety days. Insiders own 0.40% of the company's stock.

Spotify Technology Trading Down 2.6%

Shares of Spotify Technology stock opened at $488.24 on Thursday. The firm has a market capitalization of $100.52 billion, a PE ratio of 38.90, a price-to-earnings-growth ratio of 1.22 and a beta of 1.56. The firm's 50 day moving average is $480.38 and its 200 day moving average is $516.21. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm's revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.07 EPS. As a group, research analysts anticipate that Spotify Technology will post 14.72 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. The Goldman Sachs Group dropped their target price on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Barclays boosted their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Pivotal Research dropped their target price on shares of Spotify Technology from $420.00 to $400.00 and set a "hold" rating for the company in a research report on Wednesday, April 29th. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $580.00 to $600.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Finally, Daiwa Securities Group assumed coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They issued an "outperform" rating and a $535.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $655.92.

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.

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