State of Alaska Department of Revenue Purchases Shares of 1,490 Spotify Technology $SPOT

State of Alaska Department of Revenue purchased a new stake in Spotify Technology (NYSE:SPOT) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,490 shares of the company’s stock, valued at approximately $865,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Greykasell Wealth Strategies Inc. grew its holdings in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares during the period. KERR FINANCIAL PLANNING Corp acquired a new stake in Spotify Technology in the third quarter worth $26,000. Westfuller Advisors LLC acquired a new stake in Spotify Technology in the third quarter worth $29,000. Albion Financial Group UT grew its holdings in Spotify Technology by 80.0% in the third quarter. Albion Financial Group UT now owns 45 shares of the company’s stock worth $31,000 after purchasing an additional 20 shares during the period. Finally, JPL Wealth Management LLC acquired a new stake in Spotify Technology in the third quarter worth $35,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Guggenheim reduced their price target on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a report on Tuesday, February 24th. Pivotal Research downgraded Spotify Technology from a “buy” rating to a “hold” rating and dropped their price target for the stock from $875.00 to $420.00 in a research note on Wednesday, February 11th. KeyCorp upped their price target on Spotify Technology from $740.00 to $745.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 15th. The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Finally, Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price target on the stock in a research note on Friday, January 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $691.21.

Spotify Technology Price Performance

SPOT opened at $522.82 on Thursday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The firm has a market capitalization of $107.64 billion, a PE ratio of 54.23, a P/E/G ratio of 1.15 and a beta of 1.70. The company’s 50-day moving average is $498.51 and its 200 day moving average is $554.62.

Spotify Technology (NYSE:SPOT) last posted 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 net margin of 13.16% and a return on equity of 31.35%. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business posted $1.88 EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. As a group, analysts expect that Spotify Technology will post 15.55 EPS for the current year.

Insider Activity at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the transaction, the chief executive officer owned 20,609 shares of the company’s stock, valued at $9,758,773.68. The trade was a 50.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.40% of the stock is 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.