Spotify Technology $SPOT Shares Sold by AMF Tjanstepension AB

AMF Tjanstepension AB lessened its holdings in shares of Spotify Technology (NYSE:SPOT) by 13.6% during the 4th quarter, Holdings Channel reports. The firm owned 500,000 shares of the company’s stock after selling 78,894 shares during the period. Spotify Technology makes up about 1.8% of AMF Tjanstepension AB’s holdings, making the stock its 17th biggest position. AMF Tjanstepension AB’s holdings in Spotify Technology were worth $290,355,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. State Street Corp lifted its position in shares of Spotify Technology by 1.1% during the third quarter. State Street Corp now owns 4,622,298 shares of the company’s stock worth $3,226,364,000 after purchasing an additional 48,070 shares in the last quarter. Capital World Investors raised its holdings in Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after acquiring an additional 789,755 shares in the last quarter. Fisher Asset Management LLC raised its holdings in Spotify Technology by 4.6% in the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after acquiring an additional 113,612 shares in the last quarter. Coatue Management LLC raised its holdings in Spotify Technology by 13.3% in the third quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock valued at $1,258,615,000 after acquiring an additional 212,006 shares in the last quarter. Finally, Swedbank AB raised its holdings in Spotify Technology by 37.9% in the fourth quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock valued at $938,614,000 after acquiring an additional 444,162 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Up 1.7%

Shares of Spotify Technology stock opened at $444.28 on Tuesday. The firm has a market capitalization of $91.47 billion, a P/E ratio of 35.40, a P/E/G ratio of 1.05 and a beta of 1.55. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm’s 50 day moving average is $485.28 and its two-hundred day moving average is $528.22.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm’s revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.07 earnings per share. As a group, research analysts expect that Spotify Technology will post 14.87 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on SPOT shares. Wells Fargo & Company reduced their target price on shares of Spotify Technology from $640.00 to $580.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Cantor Fitzgerald reduced their target price on shares of Spotify Technology from $525.00 to $430.00 and set a “neutral” rating on the stock in a report on Wednesday, April 29th. Pivotal Research reduced their target price on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Citigroup raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price on the stock in a report on Friday, January 30th. Finally, Moffett Nathanson started coverage on shares of Spotify Technology in a report on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $645.77.

Insider Activity at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the transaction, the chief executive officer owned 20,609 shares in the company, valued at approximately $9,758,773.68. This trade represents a 50.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 47,102 shares of company stock worth $21,444,648 over the last quarter. 0.40% of the stock is currently owned by insiders.

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.