Alesco Advisors LLC An ESL Co Makes New $835,000 Investment in Spotify Technology $SPOT

Alesco Advisors LLC An ESL Co purchased a new stake in Spotify Technology (NYSE:SPOT) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,721 shares of the company’s stock, valued at approximately $835,000.

A number of other large investors have also recently bought and sold shares of SPOT. Portus Wealth Advisors LLC purchased a new position in shares of Spotify Technology in the 1st quarter valued at approximately $32,000. Kemnay Advisory Services Inc. purchased a new position in Spotify Technology during the 4th quarter worth $32,000. Whipplewood Advisors LLC raised its position in Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after buying an additional 55 shares during the last quarter. Palladiem LLC purchased a new stake in shares of Spotify Technology in the first quarter valued at about $34,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in Spotify Technology during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 0.2%

Shares of NYSE:SPOT opened at $493.37 on Wednesday. The company has a market cap 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 has a 52 week low of $405.00 and a 52 week high of $748.30. The business has a fifty day simple moving average of $479.05 and a 200-day simple moving average of $489.88.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the firm posted $1.07 EPS. The company’s revenue was up 8.2% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction on Monday, July 6th. The shares were sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the transaction, the chief executive officer owned 67,582 shares in the company, valued at approximately $32,497,480.52. The trade was a 7.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director directly owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 111,442 shares of company stock worth $54,757,553. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SPOT. Cantor Fitzgerald increased their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Morgan Stanley upped their price target on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Citizens Jmp lifted their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. UBS Group decreased their price target on Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Finally, Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. 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 stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target 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.