Spotify Technology $SPOT Shares Sold by State of Wyoming

State of Wyoming decreased its holdings in shares of Spotify Technology (NYSE:SPOT) by 24.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,236 shares of the company’s stock after selling 1,389 shares during the quarter. Spotify Technology makes up approximately 0.2% of State of Wyoming’s portfolio, making the stock its 27th biggest position. State of Wyoming’s holdings in Spotify Technology were worth $2,054,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. Norges Bank purchased a new position in Spotify Technology in the fourth quarter valued at approximately $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock worth $724,251,000 after buying an additional 1,163,045 shares during the last quarter. Coatue Management LLC lifted its position in shares of Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after buying an additional 647,708 shares during the last quarter. National Pension Service acquired a new position in shares of Spotify Technology in the 4th quarter valued at $316,278,000. Finally, Swedbank AB boosted its holdings in shares of Spotify Technology by 37.9% in the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock valued at $938,614,000 after buying an additional 444,162 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

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 Monday, July 6th. The stock was sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the transaction, the chief executive officer owned 20,259 shares of the company’s stock, valued at $9,692,918.55. This trade represents a 50.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the transaction, the director owned 6,383 shares in the company, valued at $3,355,734.59. This trade represents a 84.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 111,442 shares of company stock valued at $54,757,553. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

SPOT stock opened at $474.72 on Thursday. The company has a market cap of $97.74 billion, a price-to-earnings ratio of 37.83, a price-to-earnings-growth ratio of 1.22 and a beta of 1.56. The company has a fifty day moving average price of $479.93 and a 200 day moving average price of $489.13. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data 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 company had revenue of $5.25 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 8.2% on a year-over-year basis. During the same period last year, the firm posted $1.07 EPS. As a group, analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. 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 note on Wednesday, April 29th. Canaccord Genuity Group decreased their price objective on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Benchmark dropped their price objective on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a report on Wednesday. Wells Fargo & Company cut their target price on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. Finally, Rosenblatt Securities reduced their target price on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $630.70.

Spotify Technology 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.