Montanova Capital LLC Raises Stock Position in Spotify Technology $SPOT

Montanova Capital LLC raised its stake in shares of Spotify Technology (NYSE:SPOT) by 9,154.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 101,800 shares of the company’s stock after buying an additional 100,700 shares during the period. Montanova Capital LLC’s holdings in Spotify Technology were worth $46,739,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pin Oak Investment Advisors Inc. purchased a new position in Spotify Technology in the second quarter worth about $27,000. Portus Wealth Advisors LLC bought a new position in shares of Spotify Technology in the 1st quarter worth approximately $32,000. Kemnay Advisory Services Inc. purchased a new position in shares of Spotify Technology in the fourth quarter worth approximately $32,000. Whipplewood Advisors LLC grew its position in Spotify Technology by 423.1% during the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after buying an additional 55 shares during the period. Finally, Palladiem LLC purchased a new stake in Spotify Technology during the first quarter valued at approximately $34,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

SPOT opened at $544.52 on Tuesday. The stock has a market cap of $112.11 billion, a price-to-earnings ratio of 33.91, a price-to-earnings-growth ratio of 1.34 and a beta of 1.58. The firm’s fifty day moving average is $495.38 and its 200 day moving average is $489.71. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $745.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The business had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.47 billion. During the same period in the prior year, the business earned ($0.42) earnings per share. Spotify Technology’s revenue was up 13.9% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology will post 14.3 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $507.24, for a total transaction of $10,567,330.92. Following the completion of the transaction, the chief executive officer directly owned 20,142 shares of the company’s stock, valued at approximately $10,216,828.08. This trade represents a 50.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the completion of the sale, the chief executive officer owned 66,773 shares in the company, valued at approximately $33,526,723.30. The trade was a 7.53% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 52,538 shares of company stock valued at $25,878,250. Insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the topic of several analyst reports. Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Rosenblatt Securities decreased their target price on Spotify Technology from $531.00 to $527.00 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. Barclays lifted their target price on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. UBS Group reduced their price target on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Finally, Cantor Fitzgerald raised their price objective on Spotify Technology from $510.00 to $530.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $609.05.

Spotify Technology 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.