Spotify Technology $SPOT Shares Sold by MSA Advisors LLC

MSA Advisors LLC decreased its position in Spotify Technology (NYSE:SPOT) by 79.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 4,275 shares of the company’s stock after selling 17,000 shares during the period. Spotify Technology makes up about 0.6% of MSA Advisors LLC’s investment portfolio, making the stock its 17th largest position. MSA Advisors LLC’s holdings in Spotify Technology were worth $2,483,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quadcap Wealth Management LLC lifted its holdings in shares of Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after purchasing an additional 16 shares during the last quarter. Sagespring Wealth Partners LLC lifted its holdings in shares of Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after purchasing an additional 18 shares during the last quarter. Ameritas Advisory Services LLC lifted its holdings in shares of Spotify Technology by 7.9% during the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock valued at $181,000 after purchasing an additional 19 shares during the last quarter. Aprio Wealth Management LLC lifted its holdings in shares of Spotify Technology by 3.1% during the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after purchasing an additional 19 shares during the last quarter. Finally, Modern Wealth Management LLC lifted its holdings in shares of Spotify Technology by 7.4% during the third quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock valued at $202,000 after purchasing an additional 20 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 1.9%

NYSE:SPOT opened at $470.81 on Wednesday. The firm has a market capitalization of $96.93 billion, a price-to-earnings ratio of 37.51, a PEG ratio of 1.17 and a beta of 1.56. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The business’s fifty day moving average price is $482.23 and its 200 day moving average price is $508.74.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 earnings per share. Equities analysts forecast that Spotify Technology will post 14.71 earnings per share for the current year.

Insider Activity

In related news, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the transaction, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock valued at $54,647,508 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SPOT shares. Morgan Stanley upped their target price on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Daiwa Securities Group started coverage on Spotify Technology in a report on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price for the company. KeyCorp reduced their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Benchmark reduced their target price on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, UBS Group reduced their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a report on Thursday, April 30th. 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 company’s stock. Based on data from MarketBeat, the stock currently 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.