Legal & General Group Plc Lowers Holdings in Spotify Technology $SPOT

Legal & General Group Plc trimmed its holdings in Spotify Technology (NYSE:SPOT) by 2.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,096,524 shares of the company’s stock after selling 23,918 shares during the period. Legal & General Group Plc’s holdings in Spotify Technology were worth $636,762,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in SPOT. Simplify Asset Management Inc. boosted its stake in shares of Spotify Technology by 26.6% during the 4th quarter. Simplify Asset Management Inc. now owns 1,042 shares of the company’s stock worth $605,000 after acquiring an additional 219 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in shares of Spotify Technology during the 4th quarter worth about $1,535,000. St. Louis Trust Co purchased a new stake in shares of Spotify Technology during the 4th quarter worth about $710,000. EverSource Wealth Advisors LLC boosted its stake in shares of Spotify Technology by 36.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,495 shares of the company’s stock worth $868,000 after acquiring an additional 403 shares in the last quarter. Finally, Condor Capital Management boosted its stake in shares of Spotify Technology by 2.6% during the 4th quarter. Condor Capital Management now owns 990 shares of the company’s stock worth $575,000 after acquiring an additional 25 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 0.2%

Shares of Spotify Technology stock opened at $518.92 on Tuesday. The firm’s 50-day moving average price is $480.00 and its 200 day moving average price is $522.24. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The firm has a market capitalization of $106.83 billion, a PE ratio of 41.35, a P/E/G ratio of 1.25 and a beta of 1.55.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the previous year, the company posted $1.07 EPS. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. On average, sell-side analysts predict that Spotify Technology will post 14.86 EPS for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the sale, the chief executive officer owned 20,492 shares of the company’s stock, valued at $8,826,314.24. The trade was a 50.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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 Spotify Technology 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 sale, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 47,102 shares of company stock worth $21,444,648. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several recent analyst reports. Morgan Stanley increased their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday. Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday. Pivotal Research lowered their target price on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. Finally, Canaccord Genuity Group lowered their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $652.46.

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.