Independent Advisor Alliance Sells 1,245 Shares of Spotify Technology $SPOT

Independent Advisor Alliance lessened its stake in shares of Spotify Technology (NYSE:SPOT) by 10.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,629 shares of the company’s stock after selling 1,245 shares during the quarter. Independent Advisor Alliance’s holdings in Spotify Technology were worth $6,172,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SPOT. KERR FINANCIAL PLANNING Corp acquired a new stake in Spotify Technology during the 3rd quarter valued at $26,000. Greykasell Wealth Strategies Inc. grew 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 worth $27,000 after purchasing an additional 38 shares during the period. Westfuller Advisors LLC acquired a new stake in shares of Spotify Technology during the third quarter worth $29,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Spotify Technology during the fourth quarter worth $35,000. Finally, JPL Wealth Management LLC bought a new position in Spotify Technology during the third quarter worth about $35,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $432.89 on Wednesday. The firm has a market cap of $89.12 billion, a price-to-earnings ratio of 34.49, a price-to-earnings-growth ratio of 1.01 and a beta of 1.55. The stock’s 50-day moving average is $492.70 and its 200-day moving average is $534.47. Spotify Technology has a one year low of $405.00 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.07 earnings per share. On average, equities analysts expect that Spotify Technology will post 14.87 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SPOT. Cantor Fitzgerald reduced their target price on Spotify Technology from $525.00 to $430.00 and set a “neutral” rating on the stock in a report on Wednesday, April 29th. Citizens Jmp reiterated a “market outperform” rating and set a $600.00 target price (down from $800.00) on shares of Spotify Technology in a report on Wednesday, April 29th. Weiss Ratings upgraded Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. Guggenheim reduced their target price on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Finally, Rosenblatt Securities reduced their target price on Spotify Technology from $670.00 to $500.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Two investment 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $645.77.

Insider Transactions at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated 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 sale, the chief executive officer owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the completion of the sale, the chief executive officer directly owned 20,492 shares in the company, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last 90 days, insiders sold 47,102 shares of company stock worth $21,444,648. Corporate insiders own 0.40% of the company’s stock.

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.