Clough Capital Partners L P Acquires 2,136 Shares of Spotify Technology $SPOT

Clough Capital Partners L P raised its holdings in Spotify Technology (NYSE:SPOT) by 148.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,579 shares of the company’s stock after buying an additional 2,136 shares during the quarter. Clough Capital Partners L P’s holdings in Spotify Technology were worth $2,078,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology in the 3rd quarter valued at $26,000. Kemnay Advisory Services Inc. bought a new stake in Spotify Technology in the 4th quarter valued at $32,000. Newbridge Financial Services Group Inc. bought a new stake in Spotify Technology in the 4th quarter valued at $35,000. JPL Wealth Management LLC bought a new stake in Spotify Technology in the 3rd quarter valued at $35,000. Finally, Wilmington Savings Fund Society FSB increased its holdings in Spotify Technology by 85.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after buying an additional 30 shares during the period. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Morgan Stanley boosted their price target on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Benchmark lowered their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. UBS Group lowered their price target on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Canaccord Genuity Group lowered their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, Cantor Fitzgerald upped their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Two 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $652.16.

Spotify Technology Stock Performance

SPOT opened at $456.54 on Thursday. The firm’s 50-day simple moving average is $481.68 and its 200-day simple moving average is $507.77. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The firm has a market cap of $93.99 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 1.15 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its 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. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the prior year, the firm earned $1.07 EPS. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology will post 14.68 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Thomas O. Staggs sold 5,477 shares of the company’s 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 in the company, valued at $1,903,594. This represents a 60.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock worth $54,647,508 in the last quarter. 0.40% of the stock is owned by corporate insiders.

About Spotify Technology

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.