Fred Alger Management LLC Cuts Stock Position in Spotify Technology $SPOT

Fred Alger Management LLC cut its holdings in Spotify Technology (NYSE:SPOT) by 7.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 463,612 shares of the company’s stock after selling 36,589 shares during the quarter. Spotify Technology accounts for 1.1% of Fred Alger Management LLC’s holdings, making the stock its 19th largest holding. Fred Alger Management LLC’s holdings in Spotify Technology were worth $269,224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in SPOT. Sivia Capital Partners LLC purchased a new stake in shares of Spotify Technology in the second quarter valued at approximately $312,000. Jump Financial LLC increased its position in shares of Spotify Technology by 5.2% in the second quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock valued at $869,000 after buying an additional 56 shares in the last quarter. Cary Street Partners Financial LLC purchased a new stake in shares of Spotify Technology in the second quarter valued at approximately $178,000. NewEdge Advisors LLC increased its position in shares of Spotify Technology by 36.9% in the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock valued at $9,707,000 after buying an additional 3,412 shares in the last quarter. Finally, Glenview Trust co purchased a new stake in shares of Spotify Technology in the second quarter valued at approximately $298,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Spotify Technology

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction on 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 transaction, 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 filing with the SEC, which is accessible through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at $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. Insiders have sold a total of 111,442 shares of company stock valued at $54,647,508 in the last three months. Company insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Cantor Fitzgerald boosted their price objective on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Wells Fargo & Company boosted their price target on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. KeyCorp dropped their price target on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Barclays boosted their price target on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Finally, Morgan Stanley boosted 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. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $652.16.

Spotify Technology Stock Performance

NYSE SPOT opened at $470.81 on Wednesday. The stock’s fifty day moving average is $482.23 and its two-hundred day moving average is $508.74. The firm has a market capitalization of $96.93 billion, a P/E ratio of 37.51, a price-to-earnings-growth ratio of 1.17 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data 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. The company 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%.The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 earnings per share. As a group, sell-side analysts forecast that Spotify Technology will post 14.71 EPS for the current year.

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.