Northeast Investment Management Grows Holdings in Spotify Technology $SPOT

Northeast Investment Management boosted its position in Spotify Technology (NYSE:SPOT) by 10.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,446 shares of the company’s stock after buying an additional 2,594 shares during the quarter. Northeast Investment Management’s holdings in Spotify Technology were worth $12,824,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp purchased a new position in Spotify Technology in the third quarter valued at about $26,000. Kemnay Advisory Services Inc. purchased a new stake in Spotify Technology during the 4th quarter worth approximately $32,000. JPL Wealth Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at approximately $35,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Spotify Technology in the 4th quarter valued at approximately $35,000. Finally, Osbon Capital Management LLC purchased a new position in shares of Spotify Technology during the 4th quarter valued at approximately $35,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SPOT. Benchmark decreased their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Morgan Stanley increased their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. UBS Group dropped their target price on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Finally, Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday. Two investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $641.83.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $441.94 on Friday. The company’s fifty day moving average is $477.83 and its two-hundred day moving average is $502.93. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The stock has a market capitalization of $90.99 billion, a price-to-earnings ratio of 35.21, a price-to-earnings-growth ratio of 1.11 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the business posted $1.07 EPS. The company’s quarterly revenue was up 8.2% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 14.68 EPS for the current fiscal year.

Insider Transactions at Spotify Technology

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the transaction, the director owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 completion of the transaction, the chief executive officer owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 111,442 shares of company stock valued at $54,647,508 over the last ninety days. Insiders own 0.40% of the company’s stock.

Spotify Technology Profile

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.