OVERSEA CHINESE BANKING Corp Ltd Purchases 9,601 Shares of Spotify Technology $SPOT

OVERSEA CHINESE BANKING Corp Ltd lifted its position in Spotify Technology (NYSE:SPOT - Free Report) by 1,714.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 10,161 shares of the company's stock after purchasing an additional 9,601 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Spotify Technology were worth $5,901,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Greykasell Wealth Strategies Inc. lifted its stake in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock worth $27,000 after acquiring an additional 38 shares during the period. KERR FINANCIAL PLANNING Corp purchased a new stake in Spotify Technology in the third quarter worth $26,000. Westfuller Advisors LLC purchased a new stake in Spotify Technology in the third quarter worth $29,000. Albion Financial Group UT lifted its stake in Spotify Technology by 80.0% in the third quarter. Albion Financial Group UT now owns 45 shares of the company's stock worth $31,000 after acquiring an additional 20 shares during the period. Finally, JPL Wealth Management LLC purchased a new stake in Spotify Technology in the third quarter worth $35,000. Institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Down 2.6%

Shares of Spotify Technology stock opened at $522.78 on Wednesday. The firm has a market capitalization of $107.63 billion, a P/E ratio of 54.23, a P/E/G ratio of 1.18 and a beta of 1.70. The business has a fifty day simple moving average of $497.79 and a two-hundred day simple moving average of $554.85. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology's quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.88 EPS. Analysts predict that Spotify Technology will post 15.55 earnings per share for the current year.

Analyst Ratings Changes

SPOT has been the subject of a number of research analyst reports. Citigroup raised Spotify Technology from a "neutral" rating to a "buy" rating and set a $650.00 price target for the company in a research note on Friday, January 30th. Morgan Stanley initiated coverage on Spotify Technology in a research note on Monday, April 13th. They issued an "overweight" rating and a $630.00 price target for the company. Sanford C. Bernstein dropped their price target on Spotify Technology from $830.00 to $650.00 and set an "outperform" rating for the company in a research note on Wednesday, January 14th. UBS Group dropped their price target on Spotify Technology from $850.00 to $800.00 and set a "buy" rating for the company in a research note on Friday, January 9th. Finally, Barclays dropped their price target on Spotify Technology from $650.00 to $600.00 and set an "overweight" rating for the company in a research note on Wednesday, April 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and an average target price of $691.21.

Insider Activity

In other news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The stock was 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 owned 69,989 shares of the company's stock, valued at $33,560,425.39. The trade was a 7.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 20,609 shares of the company's stock, valued at approximately $9,758,773.68. This represents a 50.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is owned by insiders.

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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