Spotify Technology $SPOT Stock: Keybank National Association OH Raises Position

Keybank National Association OH increased its position in Spotify Technology (NYSE:SPOT) by 12.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,467 shares of the company’s stock after buying an additional 7,073 shares during the period. Keybank National Association OH’s holdings in Spotify Technology were worth $31,420,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of SPOT. Pin Oak Investment Advisors Inc. purchased a new position in shares of Spotify Technology during the second quarter valued at approximately $27,000. Palladiem LLC purchased a new stake in Spotify Technology in the 1st quarter worth approximately $34,000. Fairscale Capital LLC grew its stake in Spotify Technology by 35.2% in the 3rd quarter. Fairscale Capital LLC now owns 73 shares of the company’s stock worth $36,000 after acquiring an additional 19 shares during the period. Tsfg LLC grew its stake in Spotify Technology by 39.7% in the 2nd quarter. Tsfg LLC now owns 81 shares of the company’s stock worth $37,000 after acquiring an additional 23 shares during the period. Finally, Blume Capital Management Inc. raised its holdings in Spotify Technology by 2,000.0% in the 3rd quarter. Blume Capital Management Inc. now owns 84 shares of the company’s stock valued at $41,000 after acquiring an additional 80 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

SPOT opened at $608.17 on Thursday. The company’s 50 day simple moving average is $541.13 and its 200 day simple moving average is $502.02. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $668.49. The stock has a market capitalization of $125.21 billion, a PE ratio of 40.32, a P/E/G ratio of 1.88 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last released its earnings results on Thursday, October 22nd. The company reported $2.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.64 billion. During the same quarter in the previous year, the firm posted $3.28 earnings per share. Spotify Technology’s revenue for the quarter was up 16.3% compared to the same quarter last year. As a group, sell-side analysts expect that Spotify Technology will post 13.66 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on SPOT shares. Barclays increased their price target on Spotify Technology from $565.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $625.00 price objective on shares of Spotify Technology in a research report on Friday, October 23rd. Zacks Research downgraded Spotify Technology from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 22nd. Finally, Wells Fargo & Company upped their target price on Spotify Technology from $570.00 to $660.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. Twenty-three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $620.07.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Gustav Söderström sold 20,913 shares of Spotify Technology stock in a transaction on Monday, September 14th. The shares were sold at an average price of $544.19, for a total value of $11,380,645.47. Following the transaction, the chief executive officer owned 20,025 shares in the company, valued at $10,897,404.75. This trade represents a 51.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.40% of the stock is currently owned by company insiders.

Spotify Technology 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.