Spotify Technology $SPOT Shares Sold by Capital International Ltd. CA

Capital International Ltd. CA cut its position in shares of Spotify Technology (NYSE:SPOT) by 14.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 13,518 shares of the company’s stock after selling 2,263 shares during the period. Capital International Ltd. CA’s holdings in Spotify Technology were worth $7,850,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in Spotify Technology by 12.9% during the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after purchasing an additional 73,722 shares during the last quarter. Vanguard Group Inc. raised its holdings in Spotify Technology by 2.5% during the third quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock worth $702,106,000 after purchasing an additional 24,199 shares during the last quarter. City Holding Co. raised its holdings in Spotify Technology by 2,515.9% during the fourth quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after purchasing an additional 5,384 shares during the last quarter. ARK Investment Management LLC increased its position in Spotify Technology by 8.2% during the third quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock worth $56,039,000 after buying an additional 6,100 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in Spotify Technology by 4.6% during the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock worth $1,816,632,000 after buying an additional 113,612 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the sale, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Stock Up 0.7%

Shares of NYSE:SPOT opened at $497.19 on Friday. The company has a market cap of $102.36 billion, a P/E ratio of 39.62, a P/E/G ratio of 1.21 and a beta of 1.56. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The business has a fifty day simple moving average of $481.01 and a 200-day simple moving average of $515.08.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.07 earnings per share. Sell-side analysts expect that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on SPOT shares. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, May 4th. Morgan Stanley raised their price target on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. The Goldman Sachs Group dropped their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Daiwa Securities Group started coverage on Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target for the company. Finally, Guggenheim dropped their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.