Spotify Technology $SPOT Shares Acquired by Kestra Private Wealth Services LLC

Kestra Private Wealth Services LLC increased its position in shares of Spotify Technology (NYSE:SPOT) by 29.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,874 shares of the company’s stock after purchasing an additional 1,320 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Spotify Technology were worth $2,863,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in shares of Spotify Technology by 20.1% in the 1st quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company’s stock valued at $829,641,000 after purchasing an additional 286,844 shares during the last quarter. Tiger Global Management LLC grew its position in shares of Spotify Technology by 25.3% during the 1st quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company’s stock worth $766,527,000 after buying an additional 319,300 shares during the period. Amundi grew its position in shares of Spotify Technology by 20.0% during the 1st quarter. Amundi now owns 1,104,484 shares of the company’s stock worth $535,575,000 after buying an additional 183,994 shares during the period. Principal Financial Group Inc. raised its stake in shares of Spotify Technology by 53.4% during the first quarter. Principal Financial Group Inc. now owns 989,667 shares of the company’s stock worth $479,899,000 after buying an additional 344,471 shares during the last quarter. Finally, Sei Investments Co. raised its stake in shares of Spotify Technology by 1.8% during the first quarter. Sei Investments Co. now owns 749,495 shares of the company’s stock worth $363,415,000 after buying an additional 13,381 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Söderström sold 20,910 shares of the stock in a transaction on Monday, October 12th. The shares were sold at an average price of $530.13, for a total value of $11,085,018.30. Following the sale, the chief executive officer directly owned 19,908 shares in the company, valued at approximately $10,553,828.04. This trade represents a 51.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the topic of several analyst reports. UBS Group cut their price objective on shares of Spotify Technology from $690.00 to $675.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Guggenheim lifted their target price on shares of Spotify Technology from $575.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, October 23rd. TD Cowen reaffirmed a “hold” rating and set a $525.00 target price on shares of Spotify Technology in a report on Friday, October 23rd. Citizens Jmp reiterated a “market outperform” rating and set a $625.00 target price on shares of Spotify Technology in a research report on Friday, October 23rd. Finally, Barclays increased their price target on Spotify Technology from $565.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, October 23rd. Twenty-three analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $620.07.

Spotify Technology Price Performance

Shares of SPOT stock opened at $613.85 on Friday. The stock has a market cap of $126.38 billion, a PE ratio of 41.62, a price-to-earnings-growth ratio of 1.94 and a beta of 1.49. The stock has a 50-day moving average of $535.91 and a 200-day moving average of $500.01. Spotify Technology has a one year low of $405.00 and a one year high of $668.49.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Thursday, October 22nd. The company reported $2.81 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.37). Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The firm had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $5.64 billion. During the same period in the previous year, the business earned $3.28 EPS. The firm’s revenue was up 16.3% compared to the same quarter last year. As a group, research analysts anticipate that Spotify Technology will post 13.66 earnings per share for the current year.

About Spotify Technology

Spotify Technology SA is an audio streaming company that operates the Spotify platform, offering users access to music, podcasts and audiobooks through internet-connected devices. Its catalog includes licensed recordings from music labels and artists, as well as podcasts and other audio content from creators and publishers.

Spotify provides both an ad-supported service and subscription-based Premium plans. Premium subscribers generally receive ad-free listening and additional features, while the advertising-supported service allows users to access content without a paid subscription.