Y Intercept Hong Kong Ltd Acquires 23,786 Shares of Spotify Technology $SPOT

Y Intercept Hong Kong Ltd increased its holdings in Spotify Technology (NYSE:SPOT) by 399.6% in the first quarter, Holdings Channel reports. The institutional investor owned 29,738 shares of the company’s stock after buying an additional 23,786 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Spotify Technology were worth $14,420,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. KERR FINANCIAL PLANNING Corp acquired a new stake in Spotify Technology during the third quarter worth approximately $26,000. Portus Wealth Advisors LLC acquired a new position in Spotify Technology in the 1st quarter valued at $32,000. Kemnay Advisory Services Inc. acquired a new position in Spotify Technology in the 4th quarter valued at $32,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Spotify Technology during the 4th quarter valued at $35,000. Finally, Osbon Capital Management LLC bought a new stake in shares of Spotify Technology during the 4th quarter valued at $35,000. 84.09% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the completion of the transaction, the chief executive officer owned 20,492 shares of the company’s stock, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the sale, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 85,173 shares of company stock worth $42,176,049 in the last ninety days. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $485.14 on Friday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30. The stock has a market capitalization of $99.88 billion, a P/E ratio of 38.66, a price-to-earnings-growth ratio of 1.16 and a beta of 1.56. The stock has a fifty day moving average of $471.41 and a 200-day moving average of $498.50.

Spotify Technology (NYSE:SPOT) last announced 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. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.07 EPS. On average, research analysts forecast that Spotify Technology will post 14.62 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Cantor Fitzgerald increased 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. The Goldman Sachs Group cut their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Morgan Stanley increased their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Rosenblatt Securities raised their target price on shares of Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a report on Friday, May 22nd. Finally, Guggenheim dropped their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $641.83.

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.