Alta Park Capital LP Sells 3,323 Shares of Spotify Technology $SPOT

Key Points

• Alta Park Capital LP trimmed its Spotify stake by 6.0% in the fourth quarter, selling 3,323 shares and leaving it with 51,873 shares valued at about $30.1 million.
• Spotify reported better-than-expected quarterly results, with EPS of $4.04 versus $3.41 expected and revenue of $5.25 billion, up 8.2% year over year.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of $652.16, though several firms recently adjusted their targets.

Alta Park Capital LP reduced its stake in Spotify Technology (NYSE:SPOT - Free Report) by 6.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 51,873 shares of the company's stock after selling 3,323 shares during the period. Spotify Technology makes up approximately 3.6% of Alta Park Capital LP's holdings, making the stock its 11th largest holding. Alta Park Capital LP's holdings in Spotify Technology were worth $30,123,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp bought a new position in shares of Spotify Technology in the third quarter valued at approximately $26,000. Kemnay Advisory Services Inc. bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $32,000. Newbridge Financial Services Group Inc. bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $35,000. JPL Wealth Management LLC bought a new position in shares of Spotify Technology in the third quarter valued at approximately $35,000. Finally, Wilmington Savings Fund Society FSB raised its stake 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 during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Benchmark cut their target price on shares of Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Cantor Fitzgerald lifted their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the company a "neutral" rating in a research note on Tuesday, May 26th. Citizens Jmp increased their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research note on Friday, May 22nd. Morgan Stanley upped their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Finally, Canaccord Genuity Group lowered their target price on Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $652.16.

Spotify Technology Stock Down 2.8%

Shares of NYSE SPOT opened at $456.54 on Thursday. The company's fifty day moving average is $481.68 and its 200-day moving average is $507.77. The stock has a market cap of $93.99 billion, a price-to-earnings ratio of 36.38, a P/E/G ratio of 1.15 and a beta of 1.56. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology's revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.07 EPS. On average, research analysts anticipate that Spotify Technology will post 14.68 EPS for the current fiscal year.

Insider Activity

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the completion of the transaction, the chief executive officer owned 20,609 shares in the company, valued at approximately $9,758,773.68. This represents a 50.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 value of $2,880,902.00. Following the transaction, the director owned 3,619 shares of the company's stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by 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.

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