ABN Amro Investment Solutions Takes Position in Spotify Technology $SPOT

ABN Amro Investment Solutions bought a new stake in Spotify Technology (NYSE:SPOT) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 55,545 shares of the company’s stock, valued at approximately $26,934,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Quadcap Wealth Management LLC increased its position in Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after buying an additional 16 shares during the last quarter. Sagespring Wealth Partners LLC lifted its holdings in Spotify Technology by 2.9% during the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after purchasing an additional 18 shares during the last quarter. Objectivity Squared LLC lifted its stake in shares of Spotify Technology by 0.8% during the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after buying an additional 20 shares during the last quarter. Greenleaf Trust raised its holdings in Spotify Technology by 5.8% in the 4th quarter. Greenleaf Trust now owns 455 shares of the company’s stock valued at $264,000 after acquiring an additional 25 shares during the period. Finally, Condor Capital Management lifted its position in Spotify Technology by 2.6% during the fourth quarter. Condor Capital Management now owns 990 shares of the company’s stock worth $575,000 after acquiring an additional 25 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Up 0.2%

NYSE SPOT opened at $493.37 on Wednesday. The firm has a 50-day moving average price of $479.05 and a two-hundred day moving average price of $489.88. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The company has a market capitalization of $101.57 billion, a P/E ratio of 39.31, a P/E/G 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. Equities 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 stock in a transaction on Monday, July 6th. The stock was sold at an average price of $480.86, for a total value of $2,613,954.96. Following the sale, the chief executive officer directly owned 67,582 shares in the company, valued at approximately $32,497,480.52. This trade represents a 7.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SPOT. Wells Fargo & Company reduced their price objective on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Citizens Jmp lifted their price target on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a research note on Sunday, July 12th. Finally, Benchmark decreased their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $638.58.

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.