Lansforsakringar Fondforvaltning AB publ Purchases 2,118 Shares of Spotify Technology $SPOT

Lansforsakringar Fondforvaltning AB publ lifted its position in shares of Spotify Technology (NYSE:SPOT) by 3.3% during the first quarter, Holdings Channel.com reports. The firm owned 65,891 shares of the company’s stock after purchasing an additional 2,118 shares during the period. Lansforsakringar Fondforvaltning AB publ’s holdings in Spotify Technology were worth $31,951,000 as of its most recent SEC filing.

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. Portus Wealth Advisors LLC acquired a new position in Spotify Technology during the first quarter worth $32,000. Kemnay Advisory Services Inc. acquired a new position in Spotify Technology during the fourth quarter worth $32,000. Newbridge Financial Services Group Inc. bought a new position in shares of Spotify Technology in the fourth quarter valued at $35,000. Finally, Osbon Capital Management LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at $35,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

NYSE SPOT opened at $461.07 on Tuesday. The company has a fifty day moving average price of $475.02 and a 200-day moving average price of $501.24. The firm has a market cap of $94.92 billion, a price-to-earnings ratio of 36.74, a PEG ratio of 1.12 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $778.33.

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

Insider Transactions at Spotify Technology

In other news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the transaction, the director owned 3,619 shares in the company, valued at $1,903,594. The trade was a 60.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The shares were 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 directly owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 111,442 shares of company stock worth $54,647,508. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SPOT. Rosenblatt Securities boosted their target price on shares of Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research report on Friday, May 22nd. JPMorgan Chase & Co. raised their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Daiwa Securities Group assumed coverage on Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target for the company. 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. Finally, Barclays increased their price objective on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $641.83.

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.