Independent Advisor Alliance Has $6.17 Million Stock Position in Spotify Technology $SPOT

Independent Advisor Alliance lowered its stake in Spotify Technology (NYSE:SPOT) by 10.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 10,629 shares of the company’s stock after selling 1,245 shares during the period. Independent Advisor Alliance’s holdings in Spotify Technology were worth $6,172,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. World Investment Advisors increased its position in shares of Spotify Technology by 59.3% in the fourth quarter. World Investment Advisors now owns 3,128 shares of the company’s stock valued at $1,816,000 after acquiring an additional 1,165 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Spotify Technology during the fourth quarter worth approximately $4,971,000. Northeast Investment Management increased its position in Spotify Technology by 3.9% during the fourth quarter. Northeast Investment Management now owns 23,852 shares of the company’s stock worth $13,851,000 after buying an additional 888 shares during the last quarter. Hartford Investment Management Co. increased its position in Spotify Technology by 1.7% during the fourth quarter. Hartford Investment Management Co. now owns 1,877 shares of the company’s stock worth $1,090,000 after buying an additional 31 shares during the last quarter. Finally, HighPoint Advisor Group LLC increased its position in Spotify Technology by 2.5% during the fourth quarter. HighPoint Advisor Group LLC now owns 2,045 shares of the company’s stock worth $1,188,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 3.2%

Spotify Technology stock opened at $432.89 on Wednesday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The stock’s 50 day moving average is $492.70 and its 200-day moving average is $534.47. The company has a market capitalization of $89.12 billion, a price-to-earnings ratio of 34.49, a PEG ratio of 1.01 and a beta of 1.55.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the prior year, the business earned $1.07 earnings per share. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. As a group, equities research analysts predict that Spotify Technology will post 14.87 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SPOT shares. Cantor Fitzgerald lowered their price target on Spotify Technology from $525.00 to $430.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 29th. Pivotal Research lowered their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock 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 on the stock. Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target on the stock in a research report on Thursday, February 26th. Finally, JPMorgan Chase & Co. lowered their price target on Spotify Technology from $700.00 to $600.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $645.77.

Insider Activity at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the sale, the chief executive officer owned 20,609 shares of the company’s stock, valued at approximately $9,758,773.68. This trade represents a 50.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 47,102 shares of company stock worth $21,444,648 in the last ninety days. 0.40% of the stock is owned by company insiders.

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.