Polar Asset Management Partners Inc. Sells 9,100 Shares of Spotify Technology $SPOT

Polar Asset Management Partners Inc. trimmed its stake in Spotify Technology (NYSE:SPOT) by 74.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,100 shares of the company’s stock after selling 9,100 shares during the period. Polar Asset Management Partners Inc.’s holdings in Spotify Technology were worth $1,503,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of SPOT. Kemnay Advisory Services Inc. bought a new position in Spotify Technology during the fourth quarter valued at about $32,000. Portus Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the 1st quarter worth approximately $32,000. Whipplewood Advisors LLC increased its position in shares of Spotify Technology by 423.1% during the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after purchasing an additional 55 shares during the period. Palladiem LLC bought a new stake in shares of Spotify Technology during the first quarter valued at approximately $34,000. Finally, JPL Wealth Management LLC acquired a new position in shares of Spotify Technology in the third quarter valued at $35,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction dated Friday, May 22nd. The stock was 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 directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’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 in the company, valued at approximately $9,692,918.55. This trade represents a 50.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 111,442 shares of company stock valued at $54,757,553 in the last 90 days. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Pivotal Research lowered their price target on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Wells Fargo & Company dropped their price objective on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research note on Thursday, July 9th. Morgan Stanley increased their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $630.70.

Spotify Technology Price Performance

Shares of SPOT opened at $495.05 on Tuesday. The company has a market capitalization of $101.92 billion, a P/E ratio of 39.45, a PEG ratio of 1.19 and a beta of 1.56. Spotify Technology has a one year low of $405.00 and a one year high of $748.30. The business’s 50 day simple moving average is $482.63 and its 200-day simple moving average is $487.08.

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, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion during 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 business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 EPS. On average, sell-side analysts anticipate that Spotify Technology will post 14.51 EPS 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.