Sentinel Dome Partners LLC Acquires Shares of 5,400 Spotify Technology $SPOT

Sentinel Dome Partners LLC acquired a new stake in shares of Spotify Technology (NYSE:SPOT) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 5,400 shares of the company’s stock, valued at approximately $3,136,000. Spotify Technology comprises approximately 2.1% of Sentinel Dome Partners LLC’s holdings, making the stock its 16th largest position.

A number of other large investors also recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology during the 3rd quarter valued at $26,000. JPL Wealth Management LLC bought a new position in shares of Spotify Technology in the third quarter valued at $35,000. Kemnay Advisory Services Inc. bought a new position in shares of Spotify Technology in the fourth quarter valued at $32,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Spotify Technology during the fourth quarter valued at about $35,000. Finally, Wilmington Savings Fund Society FSB grew its holdings in shares of Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after buying an additional 30 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares in the company, valued at $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 111,442 shares of company stock worth $54,647,508 in the last three months. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of analyst reports. UBS Group lowered their target price on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Morgan Stanley upped their target price on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Citizens Jmp increased 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. Finally, Benchmark lowered their price objective on shares of Spotify Technology from $760.00 to $695.00 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, twenty have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $652.16.

Spotify Technology Stock Up 0.1%

Shares of NYSE:SPOT opened at $468.74 on Friday. The firm has a market capitalization of $96.50 billion, a PE ratio of 37.35, a P/E/G ratio of 1.14 and a beta of 1.56. The company has a 50-day moving average price of $481.13 and a two-hundred day moving average price of $506.59. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the previous year, the firm posted $1.07 EPS. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. Analysts anticipate that Spotify Technology will post 14.68 earnings per share for the current fiscal year.

Spotify Technology Company 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.