Spotify Technology $SPOT Shares Sold by Harbour Investments Inc.

Harbour Investments Inc. lowered its stake in shares of Spotify Technology (NYSE:SPOT) by 75.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 607 shares of the company’s stock after selling 1,833 shares during the period. Harbour Investments Inc.’s holdings in Spotify Technology were worth $352,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Greykasell Wealth Strategies Inc. boosted its stake in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 38 shares during the last quarter. KERR FINANCIAL PLANNING Corp acquired a new stake in Spotify Technology in the 3rd quarter worth about $26,000. JPL Wealth Management LLC acquired a new stake in Spotify Technology in the 3rd quarter worth about $35,000. Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology in the 4th quarter worth about $35,000. Finally, Kozak & Associates Inc. boosted its stake in Spotify Technology by 1,700.0% in the 4th quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock worth $39,000 after buying an additional 68 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $509.57 on Tuesday. The company has a market cap of $104.91 billion, a P/E ratio of 40.60, a PEG ratio of 1.21 and a beta of 1.55. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The business’s 50-day simple moving average is $479.99 and its 200 day simple moving average is $518.34.

Spotify Technology (NYSE:SPOT) last announced 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. The business had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company’s revenue was up 8.2% on a year-over-year basis. During the same period last year, the business posted $1.07 EPS. Analysts predict that Spotify Technology will post 14.72 earnings per share for the current year.

Insider Buying and Selling at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the sale, the chief executive officer directly owned 20,492 shares in the company, valued at approximately $8,826,314.24. This trade represents a 50.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the firm’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 sale, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 90,609 shares of company stock worth $44,303,507. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

SPOT has been the topic of a number of research analyst reports. Wells Fargo & Company raised their price target on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Cantor Fitzgerald raised their price target on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Guggenheim decreased their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, UBS Group decreased their price target on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $655.92.

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.