Keybank National Association OH Boosts Stake in Spotify Technology $SPOT

Keybank National Association OH lifted its stake in shares of Spotify Technology (NYSE:SPOT) by 4,035.1% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 35,479 shares of the company’s stock after purchasing an additional 34,621 shares during the quarter. Keybank National Association OH’s holdings in Spotify Technology were worth $17,204,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in SPOT. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology in the 3rd quarter valued at $26,000. Portus Wealth Advisors LLC purchased a new position in Spotify Technology in the 1st quarter worth $32,000. Kemnay Advisory Services Inc. acquired a new stake in Spotify Technology during the 4th quarter worth about $32,000. Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology during the 4th quarter worth about $35,000. Finally, Osbon Capital Management LLC acquired a new stake in Spotify Technology during the 4th quarter worth about $35,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

NYSE SPOT opened at $485.14 on Friday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The company has a market capitalization of $99.88 billion, a PE ratio of 38.66, a P/E/G ratio of 1.19 and a beta of 1.56. The company has a fifty day moving average of $470.66 and a 200 day moving average of $498.40.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results 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 company had revenue of $5.25 billion for 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%.The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period last year, the firm earned $1.07 EPS. Research analysts expect that Spotify Technology will post 14.62 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the topic of a number of research reports. Barclays increased their price objective on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Wells Fargo & Company lifted their target price on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Citizens Jmp upped their target price on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. Daiwa Securities Group began coverage on Spotify Technology in a research report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price on the stock. Finally, KeyCorp cut their price target on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $641.83.

Insider Buying and Selling

In related news, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the transaction, the director directly owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total value of $10,344,001.16. Following the completion of the transaction, the chief executive officer directly owned 20,376 shares of the company’s stock, valued at $10,117,091.52. The trade was a 50.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 85,173 shares of company stock worth $42,176,049 over the last ninety days. 0.40% of the stock is owned by corporate insiders.

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.