Allen Investment Management LLC Sells 9,003 Shares of Spotify Technology $SPOT

Key Points

• Allen Investment Management LLC reduced its Spotify stake by 19.2% in the fourth quarter, selling 9,003 shares and leaving it with 37,861 shares worth about $21.99 million.
• Spotify reported strong quarterly results, with EPS of $4.04 beating estimates and revenue of $5.25 billion, up 8.2% year over year.
• Despite some insider selling and mixed analyst target changes, Wall Street still has a Moderate Buy consensus on Spotify, with a price target of $655.92.

Allen Investment Management LLC cut its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 19.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,861 shares of the company's stock after selling 9,003 shares during the quarter. Allen Investment Management LLC's holdings in Spotify Technology were worth $21,986,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quadcap Wealth Management LLC grew its holdings in Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company's stock worth $206,000 after acquiring an additional 16 shares during the last quarter. Sagespring Wealth Partners LLC boosted its stake in shares of Spotify Technology by 2.9% in the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company's stock valued at $370,000 after purchasing an additional 18 shares during the last quarter. Ameritas Advisory Services LLC boosted its stake in shares of Spotify Technology by 7.9% in the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company's stock valued at $181,000 after purchasing an additional 19 shares during the last quarter. Aprio Wealth Management LLC boosted its stake in shares of Spotify Technology by 3.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company's stock valued at $442,000 after purchasing an additional 19 shares during the last quarter. Finally, Petra Financial Advisors Inc. boosted its stake in shares of Spotify Technology by 1.2% in the 3rd quarter. Petra Financial Advisors Inc. now owns 1,639 shares of the company's stock valued at $1,144,000 after purchasing an additional 20 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SPOT. Citizens Jmp boosted their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research report on Friday, May 22nd. UBS Group dropped their target price on shares of Spotify Technology from $760.00 to $735.00 and set a "buy" rating on the stock in a research report on Thursday, April 30th. Weiss Ratings upgraded shares of Spotify Technology from a "hold (c)" rating to a "hold (c+)" rating in a research report on Monday, May 4th. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $580.00 to $600.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Finally, Benchmark dropped their target price on shares of Spotify Technology from $760.00 to $695.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Two 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 stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $655.92.

Spotify Technology Trading Up 2.4%

Spotify Technology stock opened at $509.57 on Tuesday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The firm has a market capitalization of $104.91 billion, a price-to-earnings ratio of 40.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.55. The firm's fifty day moving average price is $479.99 and its two-hundred day moving average price is $518.34.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm's revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.07 earnings per share. On average, research analysts forecast that Spotify Technology will post 14.72 EPS for the current year.

Insider Buying and Selling

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, the director owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the sale, the director owned 4,039 shares of the company's stock, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 90,609 shares of company stock valued at $44,303,507 over the last 90 days. 0.40% of the stock is currently owned by company insiders.

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.

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