Fulton Breakefield Broenniman LLC Purchases New Shares in Spotify Technology $SPOT

Key Points

• Fulton Breakefield Broenniman LLC purchased a new stake of 11,816 shares in Spotify Technology (NYSE:SPOT) in Q4, valued at approximately $6.86 million.
• Company insiders CEO Gustav Soderstrom and CEO Alex Norstrom sold 20,833 and 5,436 shares on April 1 for about $9.86 million and $2.61 million respectively, cutting their holdings by roughly 50.27% and 7.21%.
• Analysts maintain a consensus "Moderate Buy" on SPOT with a $699 average price target despite several price-target cuts, and Spotify recently reported a quarterly EPS of $5.16 (vs. $3.16 estimate) and $5.32 billion in revenue.

Fulton Breakefield Broenniman LLC purchased a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 11,816 shares of the company's stock, valued at approximately $6,862,000.

Other large investors have also added to or reduced their stakes in the company. Total Investment Management Inc. acquired a new stake in Spotify Technology during the 2nd quarter valued at $29,000. Heartwood Wealth Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter worth $27,000. Greykasell Wealth Strategies Inc. grew its holdings in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock worth $27,000 after acquiring an additional 38 shares in the last quarter. KERR FINANCIAL PLANNING Corp acquired a new position in Spotify Technology during the 3rd quarter worth $26,000. Finally, Westfuller Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter worth $29,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

SPOT has been the subject of several recent analyst reports. Sanford C. Bernstein decreased their price objective on shares of Spotify Technology from $830.00 to $650.00 and set an "outperform" rating for the company in a report on Wednesday, January 14th. Citizens Jmp initiated coverage on shares of Spotify Technology in a report on Wednesday, December 17th. They set a "market outperform" rating and a $800.00 price objective for the company. Daiwa Securities Group initiated coverage on shares of Spotify Technology in a report on Thursday, March 26th. They set an "outperform" rating and a $535.00 price objective for the company. Benchmark decreased their price objective on shares of Spotify Technology from $860.00 to $760.00 and set a "buy" rating for the company in a report on Friday, January 16th. Finally, Arete Research raised shares of 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-four have issued a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $699.00.

Insider Activity

In related news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16. Following the sale, the chief executive officer directly owned 20,609 shares in the company, valued at $9,758,773.68. This trade represents a 50.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.40% of the company's stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $483.91 on Tuesday. The company has a market cap of $99.63 billion, a P/E ratio of 50.20, a PEG ratio of 1.07 and a beta of 1.70. The firm's 50-day moving average is $489.25 and its 200-day moving average is $570.65. 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 issued its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. Spotify Technology's quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the firm posted $1.88 EPS. As a group, sell-side analysts predict that Spotify Technology will post 10.3 earnings per share for the current 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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