PBU The Pension Fund of Early Childhood & Youth Educators Takes Position in Spotify Technology $SPOT

Key Points

• PBU The Pension Fund of Early Childhood & Youth Educators disclosed a new fourth-quarter stake in Spotify Technology, buying 21,084 shares valued at about $12.24 million.
• Spotify reported strong quarterly results, with EPS of $4.04 beating estimates and revenue of $5.25 billion, up 8.2% year over year.
• Despite solid fundamentals, insider selling has been notable: directors sold more than 111,000 shares over the last 90 days, while analysts still rate the stock a Moderate Buy with an average target price of $655.92.

PBU The Pension Fund of Early Childhood & Youth Educators acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,084 shares of the company's stock, valued at approximately $12,244,000.

Several other large investors have also made changes to their positions in SPOT. Sivia Capital Partners LLC purchased a new position in shares of Spotify Technology in the second quarter valued at about $312,000. Jump Financial LLC lifted its position 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 valued at $869,000 after acquiring an additional 56 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in shares of Spotify Technology in the second quarter valued at about $178,000. NewEdge Advisors LLC lifted its position in shares of 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 acquiring an additional 3,412 shares in the last quarter. Finally, Glenview Trust co purchased a new position in shares of Spotify Technology in the second quarter valued at about $298,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 0.7%

Shares of SPOT stock opened at $497.19 on Friday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The stock's 50-day moving average price is $481.01 and its 200-day moving average price is $515.08. The stock has a market capitalization of $102.36 billion, a price-to-earnings ratio of 39.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.23 billion. During the same period in the previous year, the firm posted $1.07 earnings per share. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. As a group, research analysts predict that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director directly owned 6,383 shares of the company's stock, valued at $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Christopher P. Marshall sold 2,650 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 111,442 shares of company stock valued at $54,647,508 over the last ninety days. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

SPOT has been the topic of several research reports. Morgan Stanley lifted their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Guggenheim reduced their target price on Spotify Technology from $600.00 to $565.00 and set a "buy" rating on the stock in a report on Wednesday, April 29th. Benchmark reduced their target price on Spotify Technology from $760.00 to $695.00 and set a "buy" rating on the stock in a report on Wednesday, April 29th. Cantor Fitzgerald lifted their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a report on Tuesday, May 26th. Finally, Citizens Jmp lifted their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a "market outperform" rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and an average target price of $655.92.

Spotify Technology 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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