Harbour Investments Inc. Reduces Stock Position in Spotify Technology $SPOT

Harbour Investments Inc. trimmed its position in Spotify Technology (NYSE:SPOT) by 75.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 607 shares of the company’s stock after selling 1,833 shares during the quarter. Harbour Investments Inc.’s holdings in Spotify Technology were worth $352,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Greykasell Wealth Strategies Inc. increased its holdings in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 38 shares during the last quarter. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $26,000. JPL Wealth Management LLC bought a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $35,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $35,000. Finally, Kozak & Associates Inc. increased its holdings 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 valued at $39,000 after acquiring an additional 68 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $509.57 on Tuesday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The stock has a fifty day moving average of $479.99 and a two-hundred day moving average of $518.34. The firm has a market capitalization of $104.91 billion, a PE ratio of 40.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.55.

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, topping analysts’ consensus estimates 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 firm posted $1.07 EPS. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. Equities research analysts predict that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Insider Activity at Spotify Technology

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the transaction, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the transaction, the chief executive officer owned 20,609 shares of the company’s stock, valued at $9,758,773.68. This trade represents a 50.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 90,609 shares of company stock worth $44,303,507 in the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SPOT. Weiss Ratings upgraded Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a report on Thursday, February 26th. Morgan Stanley boosted their price target on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Wells Fargo & Company boosted their price target on Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Finally, Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a report on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $655.92.

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.