Dock Street Asset Management Inc. Sells 4,277 Shares of Spotify Technology $SPOT

Dock Street Asset Management Inc. reduced its stake in Spotify Technology (NYSE:SPOT) by 13.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,828 shares of the company’s stock after selling 4,277 shares during the quarter. Spotify Technology comprises 1.4% of Dock Street Asset Management Inc.’s holdings, making the stock its 22nd largest holding. Dock Street Asset Management Inc.’s holdings in Spotify Technology were worth $13,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in SPOT. Blue Trust Inc. increased its position in Spotify Technology by 5.3% during the 1st quarter. Blue Trust Inc. now owns 1,256 shares of the company’s stock valued at $609,000 after purchasing an additional 63 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in shares of Spotify Technology in the 1st quarter worth approximately $230,000. Banque Cantonale Vaudoise lifted its position in shares of Spotify Technology by 34.2% in the 1st quarter. Banque Cantonale Vaudoise now owns 4,714 shares of the company’s stock worth $2,286,000 after purchasing an additional 1,201 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Spotify Technology by 5.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 172,409 shares of the company’s stock valued at $83,603,000 after purchasing an additional 9,352 shares during the last quarter. Finally, CENTRAL TRUST Co boosted its stake in shares of Spotify Technology by 415.3% in the 1st quarter. CENTRAL TRUST Co now owns 1,077 shares of the company’s stock valued at $522,000 after purchasing an additional 868 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Down 0.1%

NYSE:SPOT opened at $454.83 on Thursday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company has a fifty day moving average of $479.21 and a 200-day moving average of $503.81. The firm has a market capitalization of $93.64 billion, a P/E ratio of 36.24, a P/E/G ratio of 1.11 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued 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. The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology’s revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 earnings per share. On average, analysts anticipate that Spotify Technology will post 14.68 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In related 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 value of $2,880,902.00. Following the completion of the sale, the director directly owned 3,619 shares of the company’s stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares of the company’s stock, valued at $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SPOT. Cantor Fitzgerald lifted their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. The Goldman Sachs Group cut their price target on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Morgan Stanley increased their price target on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Barclays lifted their price objective 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, Pivotal Research dropped their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” 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 have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $652.16.

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.