Bluebird Wealth Management LLC bought a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,787 shares of the company's stock, valued at approximately $2,199,000. Spotify Technology accounts for 2.1% of Bluebird Wealth Management LLC's holdings, making the stock its 16th largest position.
A number of other hedge funds also recently bought and sold shares of the stock. Capital World Investors lifted its holdings in shares of Spotify Technology by 40.7% during the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company's stock valued at $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at $512,190,000. Principal Financial Group Inc. lifted its holdings in shares of Spotify Technology by 3,534.9% during the 3rd quarter. Principal Financial Group Inc. now owns 571,474 shares of the company's stock valued at $398,889,000 after purchasing an additional 555,752 shares during the last quarter. Swedbank AB lifted its holdings in shares of Spotify Technology by 37.9% during the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company's stock valued at $938,614,000 after purchasing an additional 444,162 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Spotify Technology by 157.5% during the 3rd quarter. Alliancebernstein L.P. now owns 699,930 shares of the company's stock valued at $488,551,000 after purchasing an additional 428,156 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.
Key Stories Impacting Spotify Technology
Here are the key news stories impacting Spotify Technology this week:
Wall Street Analyst Weigh In
Several analysts have recently commented on SPOT shares. Benchmark decreased their price objective on Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Pivotal Research decreased their price objective on Spotify Technology from $420.00 to $400.00 and set a "hold" rating for the company in a report on Wednesday, April 29th. Sanford C. Bernstein decreased their price objective on Spotify Technology from $830.00 to $650.00 and set an "outperform" rating for the company in a report on Wednesday, January 14th. Wells Fargo & Company decreased their price objective on Spotify Technology from $640.00 to $580.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. Finally, Arete Research upgraded Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price objective for the company in a report on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $645.77.
Check Out Our Latest Stock Analysis on SPOT
Spotify Technology Price Performance
NYSE SPOT opened at $426.16 on Thursday. The stock's fifty day moving average price is $497.53 and its 200 day moving average price is $541.60. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The company has a market cap of $87.74 billion, a price-to-earnings ratio of 33.96, a PEG ratio of 1.04 and a beta of 1.55.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its 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. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the prior year, the firm earned $1.07 EPS. The firm's revenue was up 8.2% on a year-over-year basis. Research analysts expect that Spotify Technology will post 14.51 earnings per share for the current year.
Insider Buying and Selling at Spotify Technology
In related news, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the transaction, the chief executive officer directly owned 20,609 shares of the company's stock, valued at $9,758,773.68. This represents a 50.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the company's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is owned by corporate insiders.
About Spotify Technology
(
Free Report)
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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