Spotify Technology $SPOT Shares Sold by State of Wyoming

State of Wyoming trimmed its holdings in shares of Spotify Technology (NYSE:SPOT) by 24.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,236 shares of the company’s stock after selling 1,389 shares during the quarter. Spotify Technology accounts for 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.

Other large investors also recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after acquiring an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Spotify Technology by 4.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock valued at $2,247,042,000 after purchasing an additional 149,479 shares during the last quarter. Capital World Investors increased its holdings in Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after purchasing an additional 133,108 shares during the last quarter. Fisher Asset Management LLC raised its position in Spotify Technology by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after purchasing an additional 62,887 shares during the period. Finally, Coatue Management LLC lifted its stake in Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after purchasing an additional 647,708 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 3.8%

Spotify Technology stock opened at $474.72 on Thursday. The firm has a market capitalization of $97.74 billion, a P/E ratio of 37.83, a P/E/G ratio of 1.22 and a beta of 1.56. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The stock’s fifty day simple moving average is $479.93 and its 200-day simple moving average is $489.13.

Spotify Technology (NYSE:SPOT) last released its earnings results 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. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the business posted $1.07 earnings per share. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. Sell-side analysts predict that Spotify Technology will post 14.51 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company dropped their price objective on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research note on Thursday, July 9th. The Goldman Sachs Group decreased their target price on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Benchmark lowered their target price on Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a report on Wednesday. Citizens Jmp lifted their target price on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. Finally, Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $630.70.

Insiders Place Their Bets

In related news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction that occurred on 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 completion of the transaction, the director owned 4,039 shares in the company, valued at $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the transaction, the chief executive officer owned 67,582 shares of the company’s stock, valued at $32,497,480.52. This trade represents a 7.44% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 111,442 shares of company stock worth $54,757,553. 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.