O Shaughnessy Asset Management LLC Sells 2,397 Shares of Spotify Technology $SPOT

by · The Cerbat Gem

O Shaughnessy Asset Management LLC cut its stake in Spotify Technology (NYSE:SPOT – Free Report) by 8.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 24,933 shares of the company’s stock after selling 2,397 shares during the quarter. O Shaughnessy Asset Management LLC’s holdings in Spotify Technology were worth $14,479,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Spotify Technology in the third quarter worth approximately $26,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Spotify Technology in the fourth quarter worth approximately $35,000. JPL Wealth Management LLC purchased a new stake in shares of Spotify Technology in the third quarter worth approximately $35,000. Kozak & Associates Inc. raised its stake in shares of Spotify Technology by 1,700.0% in the fourth quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock worth $39,000 after purchasing an additional 68 shares during the last quarter. Finally, Eastern Bank raised its stake in shares of Spotify Technology by 110.5% in the fourth quarter. Eastern Bank now owns 80 shares of the company’s stock worth $46,000 after purchasing an additional 42 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Cantor Fitzgerald increased their price objective on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Wall Street Zen raised Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Pivotal Research lowered their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Finally, Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a research note on Thursday, February 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $655.92.

Check Out Our Latest Analysis on SPOT

Insider Transactions at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction on 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 disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Price Performance

Spotify Technology stock opened at $496.56 on Wednesday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The business has a fifty day moving average price of $481.98 and a 200-day moving average price of $512.39. The firm has a market capitalization of $102.23 billion, a P/E ratio of 39.57, a PEG ratio of 1.23 and a beta of 1.56.

Spotify Technology (NYSE:SPOT – Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping 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 company earned $1.07 earnings per share. The business’s revenue for the quarter was up 8.2% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

About Spotify Technology

(Free Report)

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.

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