City Holding Co. Boosts Holdings in Spotify Technology $SPOT

City Holding Co. lifted its stake in Spotify Technology (NYSE:SPOT) by 2,515.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,598 shares of the company’s stock after purchasing an additional 5,384 shares during the quarter. City Holding Co.’s holdings in Spotify Technology were worth $3,251,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Brookwood Investment Group LLC raised its position in shares of Spotify Technology by 14.4% in the 4th quarter. Brookwood Investment Group LLC now owns 611 shares of the company’s stock worth $355,000 after purchasing an additional 77 shares during the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Spotify Technology in the 4th quarter worth about $74,000. Franklin Street Advisors Inc. NC raised its position in shares of Spotify Technology by 4.6% in the 4th quarter. Franklin Street Advisors Inc. NC now owns 23,052 shares of the company’s stock worth $13,387,000 after purchasing an additional 1,023 shares during the last quarter. Greenleaf Trust raised its position in shares of Spotify Technology by 5.8% in the 4th quarter. Greenleaf Trust now owns 455 shares of the company’s stock worth $264,000 after purchasing an additional 25 shares during the last quarter. Finally, Asio Capital LLC raised its position in shares of Spotify Technology by 52.1% in the 4th quarter. Asio Capital LLC now owns 6,847 shares of the company’s stock worth $3,976,000 after purchasing an additional 2,344 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Transactions at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This represents a 7.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the sale, the chief executive officer directly owned 20,609 shares of the company’s stock, valued at $9,758,773.68. The trade was a 50.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a research report on Thursday, February 26th. Pivotal Research lowered Spotify Technology from a “buy” rating to a “hold” rating and lowered their price target for the stock from $875.00 to $420.00 in a research report on Wednesday, February 11th. Wells Fargo & Company lowered their price target on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Weiss Ratings lowered Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, February 26th. Finally, Benchmark decreased their target price on Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $697.33.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $475.87 on Friday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The business has a 50-day simple moving average of $487.30 and a two-hundred day simple moving average of $565.88. The firm has a market cap of $97.97 billion, a price-to-earnings ratio of 49.36, a price-to-earnings-growth ratio of 1.08 and a beta of 1.70.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Wednesday, February 11th. The company reported $5.16 earnings per share for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the firm earned $1.88 EPS. Spotify Technology’s revenue was up 6.8% on a year-over-year basis. As a group, research analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

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.