Wesbanco Bank Inc. Acquires 1,630 Shares of Spotify Technology $SPOT

Wesbanco Bank Inc. increased its holdings in Spotify Technology (NYSE:SPOT) by 26.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,759 shares of the company’s stock after buying an additional 1,630 shares during the period. Wesbanco Bank Inc.’s holdings in Spotify Technology were worth $3,762,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of SPOT. Quadcap Wealth Management LLC lifted its stake in shares of Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after purchasing an additional 16 shares during the last quarter. Sagespring Wealth Partners LLC grew its stake in Spotify Technology by 2.9% in the fourth 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. Aprio Wealth Management LLC grew its stake in Spotify Technology by 3.1% in the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after purchasing an additional 19 shares during the last quarter. Modern Wealth Management LLC raised its holdings in Spotify Technology by 7.4% in the third quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock worth $202,000 after purchasing an additional 20 shares in the last quarter. Finally, Objectivity Squared LLC raised its holdings in Spotify Technology by 0.8% in the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Insider Transactions at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16. Following the sale, the chief executive officer owned 20,609 shares in the company, valued at approximately $9,758,773.68. The trade was a 50.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock worth $54,647,508 over the last 90 days. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

SPOT has been the topic of a number of recent analyst reports. The Goldman Sachs Group lowered their price target on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Barclays boosted their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. UBS Group lowered 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 note on Thursday, April 30th. Benchmark cut their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, Guggenheim reduced their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $641.83.

Spotify Technology Trading Up 4.4%

NYSE:SPOT opened at $460.74 on Friday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company has a market cap of $94.86 billion, a PE ratio of 36.71, a P/E/G ratio of 1.12 and a beta of 1.56. The company’s 50 day moving average is $476.44 and its two-hundred day moving average is $502.64.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.23 billion. During the same quarter last year, the company posted $1.07 earnings per share. The business’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, analysts expect that Spotify Technology will post 14.68 EPS for the current fiscal year.

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.