Hsbc Holdings PLC Purchases 7,759 Shares of Spotify Technology $SPOT

Key Points

• HSBC Holdings PLC increased its Spotify position by 16.6% in the fourth quarter, buying 7,759 shares and bringing its total holding to 54,566 shares valued at about $31.6 million.
• Other institutional investors also made changes to their Spotify stakes, and institutions and hedge funds now own 84.09% of the company’s stock.
• Spotify’s recent earnings were strong, with EPS of $4.04 topping estimates and revenue of $5.25 billion slightly above expectations, while analysts currently rate the stock a Moderate Buy with an average target price of $652.16.

Hsbc Holdings PLC lifted its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 16.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 54,566 shares of the company's stock after purchasing an additional 7,759 shares during the period. Hsbc Holdings PLC's holdings in Spotify Technology were worth $31,613,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Sivia Capital Partners LLC bought a new stake in Spotify Technology during the 2nd quarter worth approximately $312,000. Jump Financial LLC grew its stake in shares of Spotify Technology by 5.2% in the second quarter. Jump Financial LLC now owns 1,132 shares of the company's stock worth $869,000 after purchasing an additional 56 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in Spotify Technology in the second quarter valued at $178,000. NewEdge Advisors LLC increased its holdings in Spotify Technology by 36.9% in the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company's stock valued at $9,707,000 after purchasing an additional 3,412 shares during the period. Finally, Glenview Trust co bought a new position in Spotify Technology during the 2nd quarter worth $298,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, 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 SEC, which can be accessed through this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction 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 completion of the sale, the director directly owned 3,619 shares of the company's stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock valued at $54,647,508 over the last 90 days. Insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several recent research reports. KeyCorp cut their target price on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating on the stock in a report on Wednesday, April 29th. Cantor Fitzgerald raised their price objective on Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 26th. UBS Group cut their price objective on Spotify Technology from $760.00 to $735.00 and set a "buy" rating on the stock in a research note on Thursday, April 30th. JPMorgan Chase & Co. upped their target price on Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. Finally, Barclays increased 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. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $652.16.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $455.65 on Wednesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The stock has a 50 day simple moving average of $480.19 and a two-hundred day simple moving average of $504.55. The company has a market cap of $93.81 billion, a P/E ratio of 36.31, a PEG ratio of 1.12 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) 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 analysts' expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 EPS. On average, research analysts predict that Spotify Technology will post 14.68 earnings per share for the current year.

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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