Inspire Trust Co. N.A. Acquires 2,000 Shares of Spotify Technology $SPOT

Inspire Trust Co. N.A. grew its holdings in Spotify Technology (NYSE:SPOT) by 16.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,500 shares of the company’s stock after buying an additional 2,000 shares during the period. Inspire Trust Co. N.A.’s holdings in Spotify Technology were worth $7,067,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in SPOT. Pin Oak Investment Advisors Inc. bought a new stake in Spotify Technology in the 2nd quarter valued at $27,000. Palladiem LLC bought a new position in Spotify Technology during the first quarter worth $34,000. Fairscale Capital LLC boosted its position in Spotify Technology by 35.2% during the third quarter. Fairscale Capital LLC now owns 73 shares of the company’s stock worth $36,000 after purchasing an additional 19 shares during the period. Tsfg LLC increased its holdings in shares of Spotify Technology by 39.7% in the second quarter. Tsfg LLC now owns 81 shares of the company’s stock valued at $37,000 after purchasing an additional 23 shares during the last quarter. Finally, Blume Capital Management Inc. increased its holdings in shares of Spotify Technology by 2,000.0% in the third quarter. Blume Capital Management Inc. now owns 84 shares of the company’s stock valued at $41,000 after purchasing an additional 80 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SPOT has been the topic of several research analyst reports. Citizens Jmp reissued a “market outperform” rating and issued a $625.00 price objective on shares of Spotify Technology in a research report on Friday, October 23rd. Oppenheimer lifted their target price on shares of Spotify Technology from $550.00 to $650.00 and gave the stock an “outperform” rating in a report on Friday, October 23rd. Barclays upped their price target on shares of Spotify Technology from $565.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. Argus reissued a “buy” rating and issued a $600.00 price target on shares of Spotify Technology in a report on Thursday, August 13th. Finally, Phillip Securities downgraded shares of Spotify Technology from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, October 26th. Twenty-three investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.07.

Insiders Place Their Bets

In other Spotify Technology news, CEO Gustav Söderström sold 20,910 shares of Spotify Technology stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $530.13, for a total value of $11,085,018.30. Following the transaction, the chief executive officer owned 19,908 shares in the company, valued at $10,553,828.04. The trade was a 51.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.40% of the stock is owned by company insiders.

Spotify Technology Stock Performance

NYSE:SPOT opened at $605.30 on Wednesday. The company has a market cap of $124.62 billion, a price-to-earnings ratio of 40.13, a PEG ratio of 1.89 and a beta of 1.49. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $668.49. The stock has a fifty day moving average price of $539.84 and a 200-day moving average price of $501.54.

Spotify Technology (NYSE:SPOT) last released its earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.37). Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.64 billion. During the same period in the prior year, the business earned $3.28 earnings per share. Spotify Technology’s quarterly revenue was up 16.3% compared to the same quarter last year. Research analysts predict that Spotify Technology will post 13.66 EPS for the current fiscal year.

Spotify Technology Company Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.