Munro Partners Sells 97,075 Shares of Spotify Technology $SPOT

Munro Partners reduced its holdings in Spotify Technology (NYSE:SPOT) by 93.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 6,370 shares of the company’s stock after selling 97,075 shares during the quarter. Munro Partners’ holdings in Spotify Technology were worth $3,699,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $26,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $35,000. JPL Wealth Management LLC bought a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $35,000. Wilmington Savings Fund Society FSB grew its position in shares of Spotify Technology by 85.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after buying an additional 30 shares during the last quarter. Finally, Kozak & Associates Inc. grew its position in shares of Spotify Technology by 1,700.0% in the 4th quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock worth $39,000 after buying an additional 68 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares of the company’s stock, valued at $1,903,594. The trade was a 60.21% 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, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, the director directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. The trade was a 84.72% decrease in their position. 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. 0.40% of the stock is owned by insiders.

Spotify Technology Trading Down 0.5%

Shares of NYSE:SPOT opened at $479.38 on Tuesday. The stock has a fifty day simple moving average of $482.58 and a two-hundred day simple moving average of $509.61. The stock has a market capitalization of $98.69 billion, a price-to-earnings ratio of 38.20, a PEG ratio of 1.18 and a beta of 1.56. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. As a group, equities research analysts predict that Spotify Technology will post 14.71 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SPOT shares. KeyCorp cut their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Morgan Stanley raised their target price on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Barclays raised their target price on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Finally, Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price for the company in a research note on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $652.16.

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.