Carnegie Investment Counsel Increases Holdings in Spotify Technology $SPOT

Key Points

• Carnegie Investment Counsel boosted its Spotify stake by 321.6% in Q1, ending with 3,339 shares valued at about $1.62 million.
• Insiders have been selling shares: Director Sven Hans Martin Lorentzon and Director Thomas O. Staggs both sold stock recently, and insiders have sold 111,442 shares worth about $54.8 million over the last 90 days.
• Spotify reported better-than-expected quarterly results, with EPS of $4.04 versus estimates of $3.41 and revenue of $5.25 billion; analysts currently rate the stock a Moderate Buy with an average target price of $638.58.

Carnegie Investment Counsel raised its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 321.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,339 shares of the company's stock after purchasing an additional 2,547 shares during the period. Carnegie Investment Counsel's holdings in Spotify Technology were worth $1,619,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SPOT. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $26,000. JPL Wealth Management LLC purchased a new stake in Spotify Technology in the third quarter worth $35,000. Kemnay Advisory Services Inc. bought a new stake in Spotify Technology in the fourth quarter valued at $32,000. Newbridge Financial Services Group Inc. bought a new stake in Spotify Technology in the fourth quarter valued at $35,000. Finally, Osbon Capital Management LLC bought a new stake in Spotify Technology in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Insider Buying and Selling at Spotify Technology

In other 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 completion of the transaction, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares in the company, valued at $1,903,594. The trade was a 60.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Trading Up 0.1%

Shares of Spotify Technology stock opened at $480.14 on Tuesday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The firm has a market capitalization of $98.85 billion, a P/E ratio of 38.26, a P/E/G ratio of 1.18 and a beta of 1.56. The business has a fifty day simple moving average of $471.78 and a two-hundred day simple moving average of $494.04.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company's revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 EPS. Analysts predict that Spotify Technology will post 14.62 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have commented on SPOT. Daiwa Securities Group assumed coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an "outperform" rating and a $535.00 price objective for the company. Citizens Jmp lifted their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research note on Friday, May 22nd. Weiss Ratings cut shares of Spotify Technology from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Canaccord Genuity Group decreased their price target on shares of Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Finally, Pivotal Research lowered their price objective on shares of Spotify Technology from $420.00 to $400.00 and set a "hold" rating for the company in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $638.58.

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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