Spotify Technology $SPOT Shares Sold by Panagora Asset Management Inc.

Panagora Asset Management Inc. trimmed its stake in Spotify Technology (NYSE:SPOT) by 13.0% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 61,625 shares of the company’s stock after selling 9,219 shares during the quarter. Panagora Asset Management Inc.’s holdings in Spotify Technology were worth $35,786,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SPOT. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology in the 3rd quarter worth $26,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Spotify Technology in the 4th quarter worth $35,000. JPL Wealth Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter worth $35,000. Wilmington Savings Fund Society FSB boosted its position in shares of Spotify Technology by 85.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after buying an additional 30 shares during the period. Finally, Kozak & Associates Inc. boosted its position in shares of Spotify Technology by 1,700.0% in the fourth quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock worth $39,000 after buying an additional 68 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the completion of the sale, the chief executive officer owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the sale, the director directly owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, 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.

Wall Street Analyst Weigh In

Several analysts have recently commented on SPOT shares. Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price for the company in a research report on Thursday, February 26th. Pivotal Research decreased their target price on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Canaccord Genuity Group decreased their target price on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Wells Fargo & Company raised their target price on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Finally, KeyCorp decreased their target price 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. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $652.16.

Spotify Technology Trading Down 0.5%

SPOT opened at $479.38 on Tuesday. The stock has a market cap of $98.69 billion, a price-to-earnings ratio of 38.20, a PEG ratio of 1.18 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The stock has a fifty day moving average price of $482.58 and a 200 day moving average price of $509.61.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations 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 last year, the firm earned $1.07 earnings per share. As a group, sell-side analysts forecast that Spotify Technology will post 14.71 earnings per share for the current fiscal year.

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.