Handelsbanken Fonder AB Lowers Stock Position in Spotify Technology $SPOT

Handelsbanken Fonder AB reduced its position in shares of Spotify Technology (NYSE:SPOT) by 1.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 158,445 shares of the company’s stock after selling 2,679 shares during the period. Handelsbanken Fonder AB owned 0.08% of Spotify Technology worth $72,747,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. JPL Wealth Management LLC purchased a new stake in Spotify Technology in the 3rd quarter valued at about $35,000. Kemnay Advisory Services Inc. purchased a new position in shares of Spotify Technology in the 4th quarter worth approximately $32,000. Osbon Capital Management LLC purchased a new position in shares of Spotify Technology in the 4th quarter worth approximately $35,000. Wilmington Savings Fund Society FSB grew its holdings in shares of Spotify Technology by 85.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after acquiring an additional 30 shares in the last quarter. Finally, Portus Wealth Advisors LLC bought a new position in shares of Spotify Technology in the first quarter valued at approximately $32,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on SPOT shares. UBS Group dropped their price target on Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a report on Friday, July 10th. Guggenheim restated a “buy” rating and issued a $565.00 price objective on shares of Spotify Technology in a research note on Wednesday, August 5th. Wells Fargo & Company decreased their target price on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Citizens Jmp boosted their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Finally, Wall Street Zen downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $630.00.

Spotify Technology Price Performance

Shares of SPOT opened at $511.07 on Tuesday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The stock’s fifty day moving average price is $483.06 and its two-hundred day moving average price is $484.99. The firm has a market cap of $105.22 billion, a PE ratio of 31.82, a PEG ratio of 1.19 and a beta of 1.58.

Insider Buying and Selling

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the transaction, the director owned 3,619 shares of the company’s stock, valued at $1,903,594. This represents a 60.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 116,878 shares of company stock worth $59,081,110 in the last quarter. 0.40% of the stock is currently owned by company insiders.

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.