Janney Montgomery Scott LLC Has $15.29 Million Position in Spotify Technology $SPOT

Janney Montgomery Scott LLC cut its stake in shares of Spotify Technology (NYSE:SPOT) by 11.0% in the first quarter, Holdings Channel reports. The fund owned 31,527 shares of the company’s stock after selling 3,887 shares during the period. Janney Montgomery Scott LLC’s holdings in Spotify Technology were worth $15,288,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Spotify Technology in the 3rd quarter worth about $26,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology during the 4th quarter valued at about $32,000. Newbridge Financial Services Group Inc. acquired a new position in Spotify Technology in the fourth quarter valued at about $35,000. Osbon Capital Management LLC acquired a new position in Spotify Technology in the fourth quarter valued at about $35,000. Finally, JPL Wealth Management LLC bought a new stake in Spotify Technology during the third quarter worth about $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 2.6%

Shares of NYSE SPOT opened at $470.88 on Thursday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The firm’s 50-day moving average is $472.17 and its 200-day moving average is $499.29. The firm has a market capitalization of $96.94 billion, a PE ratio of 37.52, a price-to-earnings-growth ratio of 1.13 and a beta of 1.56.

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, topping 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 during the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the previous year, the firm posted $1.07 earnings per share. Spotify Technology’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology will post 14.64 earnings per share for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other news, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the transaction, the director directly owned 3,619 shares in the company, valued at $1,903,594. This trade represents a 60.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director directly owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 85,173 shares of company stock worth $42,176,049 over the last quarter. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SPOT has been the subject of several recent analyst reports. Guggenheim dropped their price objective on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Barclays boosted their target price on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Canaccord Genuity Group decreased their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Morgan Stanley raised 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. Finally, 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 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $641.83.

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.