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

Hsbc Holdings PLC lifted its position in shares of Spotify Technology (NYSE:SPOT) by 16.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,566 shares of the company’s stock after purchasing an additional 7,759 shares during the quarter. Hsbc Holdings PLC’s holdings in Spotify Technology were worth $31,613,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology during the 3rd quarter valued at $26,000. JPL Wealth Management LLC acquired a new position in shares of Spotify Technology during the third quarter valued at about $35,000. Kemnay Advisory Services Inc. acquired a new position in shares of Spotify Technology during the fourth quarter valued at about $32,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Spotify Technology during the fourth quarter worth about $35,000. Finally, Wilmington Savings Fund Society FSB increased its position in shares of Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after acquiring an additional 30 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction dated 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 transaction, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 111,442 shares of company stock worth $54,647,508 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Stock Down 0.8%

Spotify Technology stock opened at $455.65 on Wednesday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The company’s 50 day moving average price is $480.19 and its two-hundred day moving average price is $504.55. The stock has a market cap of $93.81 billion, a P/E ratio of 36.31, a P/E/G ratio of 1.12 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.07 earnings per share. On average, equities analysts anticipate that Spotify Technology will post 14.68 EPS for the current year.

Analyst Upgrades and Downgrades

SPOT has been the topic of several recent research reports. Daiwa Securities Group began coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target on the stock. Canaccord Genuity Group decreased their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Guggenheim lowered their price objective on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Cantor Fitzgerald raised their target price on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Finally, Benchmark cut their target price on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $652.16.

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.