Spotify Technology $SPOT Stake Lowered by Strs Ohio

Strs Ohio cut its stake in Spotify Technology (NYSE:SPOT) by 18.8% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 64,826 shares of the company’s stock after selling 15,032 shares during the period. Strs Ohio’s holdings in Spotify Technology were worth $31,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the company. Quadcap Wealth Management LLC increased its position in Spotify Technology by 5.7% in the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after acquiring an additional 16 shares during the period. Sagespring Wealth Partners LLC lifted its holdings in shares of 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 buying an additional 18 shares during the period. Modern Wealth Management LLC lifted its holdings in shares of Spotify Technology by 7.4% in the third quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock valued at $202,000 after buying an additional 20 shares during the period. Objectivity Squared LLC boosted its stake in Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock valued at $1,499,000 after buying an additional 20 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Spotify Technology by 1.4% during the fourth quarter. GAMMA Investing LLC now owns 1,667 shares of the company’s stock valued at $968,000 after buying an additional 23 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Guggenheim cut their price target on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. KeyCorp dropped their target price on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Benchmark cut their target price on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Finally, Pivotal Research decreased their price target on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Two investment 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 company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $641.83.

Insider Activity

In related news, Director Thomas O. Staggs sold 5,477 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the transaction, the director directly owned 3,619 shares in the company, valued at $1,903,594. This represents a 60.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade 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 85,173 shares of company stock valued at $42,176,049 over the last three months. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Stock Down 0.2%

Spotify Technology stock opened at $485.14 on Friday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The stock has a market cap of $99.88 billion, a P/E ratio of 38.66, a P/E/G ratio of 1.19 and a beta of 1.56. The company’s fifty day simple moving average is $470.66 and its 200-day simple moving average is $498.40.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm’s revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.07 EPS. On average, equities research analysts expect that Spotify Technology will post 14.62 earnings per share for the current fiscal 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.