Alta Park Capital LP Sells 3,323 Shares of Spotify Technology $SPOT

Alta Park Capital LP decreased its stake in Spotify Technology (NYSE:SPOT) by 6.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,873 shares of the company’s stock after selling 3,323 shares during the period. Spotify Technology accounts for approximately 3.6% of Alta Park Capital LP’s holdings, making the stock its 11th largest position. Alta Park Capital LP’s holdings in Spotify Technology were worth $30,123,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quadcap Wealth Management LLC increased its position in shares of Spotify Technology by 5.7% in the third 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 last quarter. Sagespring Wealth Partners LLC increased its position 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 acquiring an additional 18 shares during the last quarter. Ameritas Advisory Services LLC increased its position in shares of Spotify Technology by 7.9% in the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock valued at $181,000 after acquiring an additional 19 shares during the last quarter. Aprio Wealth Management LLC increased its position in shares of 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 acquiring an additional 19 shares during the last quarter. Finally, Modern Wealth Management LLC increased its position 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 acquiring an additional 20 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insiders Place Their Bets

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the transaction, the director owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 111,442 shares of company stock worth $54,647,508 in the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SPOT shares. Daiwa Securities Group started coverage on Spotify Technology in a research report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Rosenblatt Securities boosted their price objective on shares of Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research note on Friday, May 22nd. UBS Group lowered their price objective on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Finally, The Goldman Sachs Group lowered their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Two investment 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $652.16.

Spotify Technology Stock Performance

Shares of SPOT opened at $456.54 on Thursday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm has a market cap of $93.99 billion, a P/E ratio of 36.38, a price-to-earnings-growth ratio of 1.15 and a beta of 1.56. The firm’s 50-day simple moving average is $481.68 and its 200 day simple moving average is $507.77.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 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 analyst estimates of $5.23 billion. During the same quarter in the prior year, the business earned $1.07 EPS. Spotify Technology’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, equities analysts forecast that Spotify Technology will post 14.68 earnings per share 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.