Parallel Advisors LLC Has $2.19 Million Stock Holdings in Spotify Technology $SPOT

Parallel Advisors LLC boosted its stake in shares of Spotify Technology (NYSE:SPOT) by 33.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,514 shares of the company’s stock after purchasing an additional 1,124 shares during the quarter. Parallel Advisors LLC’s holdings in Spotify Technology were worth $2,189,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of SPOT. Sivia Capital Partners LLC bought a new stake in shares of Spotify Technology during the 2nd quarter worth about $312,000. Jump Financial LLC raised its holdings in Spotify Technology by 5.2% in the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock valued at $869,000 after acquiring an additional 56 shares during the period. Cary Street Partners Financial LLC acquired a new stake in Spotify Technology during the second quarter worth approximately $178,000. NewEdge Advisors LLC lifted its position in Spotify Technology by 36.9% during the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after acquiring an additional 3,412 shares during the last quarter. Finally, Glenview Trust co bought a new stake in shares of Spotify Technology during the second quarter worth approximately $298,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. The Goldman Sachs Group decreased their target price on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Rosenblatt Securities dropped their price target on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Daiwa Securities Group started coverage on Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target for the company. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Finally, KeyCorp lowered their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $638.58.

Spotify Technology Stock Up 0.2%

Shares of NYSE:SPOT opened at $493.37 on Wednesday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The company’s 50 day moving average price is $479.05 and its two-hundred day moving average price is $489.88. The firm has a market cap of $101.57 billion, a PE ratio of 39.31, a PEG ratio of 1.22 and a beta of 1.56.

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. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.07 earnings per share. On average, research analysts expect that Spotify Technology will post 14.51 EPS for the current year.

Insider Activity

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction 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 completion of the transaction, the director directly owned 3,619 shares of the company’s stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $480.86, for a total value of $2,613,954.96. Following the sale, the chief executive officer owned 67,582 shares of the company’s stock, valued at approximately $32,497,480.52. The trade was a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by 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.