Spotify Technology $SPOT Shares Sold by Styrax Capital LP

Styrax Capital LP lessened its position in Spotify Technology (NYSE:SPOT) by 46.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 113,242 shares of the company’s stock after selling 96,811 shares during the period. Spotify Technology comprises 5.0% of Styrax Capital LP’s portfolio, making the stock its 7th largest holding. Styrax Capital LP’s holdings in Spotify Technology were worth $65,761,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of SPOT. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology in the third quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. acquired a new position in Spotify Technology during the fourth quarter worth approximately $35,000. JPL Wealth Management LLC acquired a new position in Spotify Technology during the third quarter worth approximately $35,000. Wilmington Savings Fund Society FSB increased its position in Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares during the last quarter. Finally, Kozak & Associates Inc. increased its position in Spotify Technology by 1,700.0% during the fourth quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock worth $39,000 after purchasing an additional 68 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SPOT. Pivotal Research dropped their price target on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Barclays upped their price target on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. 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 research report on Wednesday, April 29th. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research report on Thursday, February 26th. Finally, Citizens Jmp upped their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research note on Friday, May 22nd. Two research 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $652.16.

Spotify Technology Stock Performance

Spotify Technology stock opened at $470.81 on Wednesday. The firm’s 50-day moving average is $482.23 and its 200-day moving average is $508.74. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The company has a market cap of $96.93 billion, a P/E ratio of 37.51, a PEG ratio of 1.17 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 (EPS) 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 company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same period last year, the firm posted $1.07 EPS. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. As a group, sell-side analysts predict that Spotify Technology will post 14.71 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Alex Norstrom sold 5,436 shares of the 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 owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the 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 directly owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 111,442 shares of company stock worth $54,647,508. Company insiders own 0.40% of the company’s stock.

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.