Phoenix Financial Ltd. Invests $948,000 in Spotify Technology $SPOT

Phoenix Financial Ltd. purchased a new position in Spotify Technology (NYSE:SPOT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,642 shares of the company’s stock, valued at approximately $948,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Quadcap Wealth Management LLC boosted its holdings in shares of Spotify Technology by 5.7% in the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after buying an additional 16 shares during the last quarter. Sage Mountain Advisors LLC boosted its holdings in shares of Spotify Technology by 6.3% in the third quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock worth $201,000 after buying an additional 17 shares during the last quarter. Sagespring Wealth Partners LLC boosted its holdings in shares of Spotify Technology by 2.9% in the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after buying an additional 18 shares during the last quarter. Ameritas Advisory Services LLC boosted its holdings in shares of Spotify Technology by 7.9% in the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock worth $181,000 after buying an additional 19 shares during the last quarter. Finally, Aprio Wealth Management LLC boosted its holdings in shares of Spotify Technology by 3.1% in the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock worth $442,000 after buying an additional 19 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of Spotify Technology from $640.00 to $580.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Guggenheim dropped their price objective on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. UBS Group dropped their price objective on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective on the stock in a report on Thursday, February 26th. Finally, Citizens Jmp reaffirmed a “market outperform” rating and set a $600.00 price target (down from $800.00) on shares of Spotify Technology in a report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $645.77.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $436.74 on Friday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The company has a market capitalization of $89.92 billion, a P/E ratio of 34.80, a P/E/G ratio of 1.04 and a beta of 1.55. The firm’s 50 day simple moving average is $487.47 and its two-hundred day simple moving average is $530.60.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the previous year, the firm earned $1.07 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, sell-side analysts anticipate that Spotify Technology will post 14.87 earnings per share for the current fiscal year.

Insider Activity at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction that occurred on 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 sale, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the sale, the chief executive officer owned 20,609 shares in the company, valued at approximately $9,758,773.68. The trade was a 50.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 47,102 shares of company stock worth $21,444,648 in the last ninety days. Insiders own 0.40% of the company’s stock.

Key Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify said it will adopt Apple’s HLS video technology for podcasts, a move that should make it easier for creators to distribute and monetize video podcasts across platforms, including Apple Podcasts. That could broaden Spotify-hosted content’s reach and support engagement with creators. TechCrunch article
• Positive Sentiment: Related coverage from multiple outlets emphasized that Spotify’s hosting platforms are adopting Apple’s video podcast technology, reinforcing the idea that the company is improving creator tools and cross-platform publishing. MacRumors article
• Neutral Sentiment: Spotify also cut prices for its Premium Standard tier in India and discontinued Premium Lite there. The move could help subscriber growth in a key market, but it may also pressure average revenue per user, so the overall stock impact is unclear. Moneycontrol article
• Negative Sentiment: Pomerantz LLP announced an investigation into claims on behalf of Spotify investors, adding a potential legal and headline-risk overhang that can weigh on sentiment. PR Newswire article

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.