Independence Bank of Kentucky Has $1.98 Million Position in Spotify Technology $SPOT

Independence Bank of Kentucky grew its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 805.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,303 shares of the company's stock after buying an additional 3,828 shares during the quarter. Independence Bank of Kentucky's holdings in Spotify Technology were worth $1,976,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SPOT. Sivia Capital Partners LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at about $312,000. Jump Financial LLC boosted its position in Spotify Technology by 5.2% during the second quarter. Jump Financial LLC now owns 1,132 shares of the company's stock valued at $869,000 after purchasing an additional 56 shares during the last quarter. Cary Street Partners Financial LLC acquired a new position in Spotify Technology during the second quarter valued at approximately $178,000. NewEdge Advisors LLC grew its stake 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 in the last quarter. Finally, Glenview Trust co bought a new position in Spotify Technology in the second quarter valued at approximately $298,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Up 0.0%

Spotify Technology stock opened at $543.69 on Wednesday. The company has a market capitalization of $111.94 billion, a price-to-earnings ratio of 33.85, a PEG ratio of 1.33 and a beta of 1.58. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $745.00. The stock's 50 day moving average is $497.14 and its 200-day moving average is $490.11.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.13). The firm had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The business's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.42) earnings per share. As a group, equities research analysts predict that Spotify Technology will post 14.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the business's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $478.45, for a total value of $9,967,548.85. Following the completion of the sale, the chief executive officer owned 20,259 shares of the company's stock, valued at approximately $9,692,918.55. The trade was a 50.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norstrom sold 5,436 shares of the company's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the completion of the transaction, the chief executive officer owned 66,773 shares in the company, valued at $33,526,723.30. This trade represents a 7.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 52,538 shares of company stock worth $25,878,250 in the last quarter. Company insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Citizens Jmp raised 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. Wall Street Zen cut shares of Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Barclays boosted their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Finally, Weiss Ratings raised shares of Spotify Technology from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus target price of $609.05.

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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