Independence Bank of Kentucky Purchases 3,828 Shares of Spotify Technology $SPOT

Independence Bank of Kentucky boosted its position in shares of Spotify Technology (NYSE:SPOT) by 805.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,303 shares of the company’s stock after buying an additional 3,828 shares during the period. Independence Bank of Kentucky’s holdings in Spotify Technology were worth $1,976,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp lifted its holdings in shares of Spotify Technology by 1.9% during the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after acquiring an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Spotify Technology by 4.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock valued at $2,247,042,000 after acquiring an additional 149,479 shares during the last quarter. Capital World Investors increased its stake in Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after acquiring an additional 133,108 shares during the last quarter. Fisher Asset Management LLC raised its position in Spotify Technology by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after purchasing an additional 62,887 shares in the last quarter. Finally, Coatue Management LLC raised its position in Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after purchasing an additional 647,708 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SPOT shares. Citizens Jmp raised their target price on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Morgan Stanley upped their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. UBS Group reduced their price objective 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, Argus reiterated a “buy” rating and issued a $600.00 target price on shares of Spotify Technology in a research report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $609.05.

Insider Activity at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Monday, July 6th. The shares were sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the transaction, the chief executive officer owned 20,259 shares in the company, valued at approximately $9,692,918.55. The trade was a 50.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the completion of the sale, the chief executive officer directly owned 66,773 shares in the company, valued at approximately $33,526,723.30. This represents a 7.53% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 52,538 shares of company stock valued at $25,878,250. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

Spotify Technology stock opened at $543.69 on Wednesday. The business has a 50 day moving average of $497.14 and a 200-day moving average of $490.11. The company has a market capitalization of $111.94 billion, a P/E ratio of 33.85, a P/E/G ratio of 1.33 and a beta of 1.58. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $745.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.13). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.47 billion. During the same quarter in the prior year, the business earned ($0.42) earnings per share. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. Equities analysts anticipate that Spotify Technology will post 14.29 EPS for the current year.

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.