Amova Asset Management Americas Inc. Sells 20,287 Shares of Spotify Technology $SPOT

Amova Asset Management Americas Inc. trimmed its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 11.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 154,336 shares of the company's stock after selling 20,287 shares during the period. Amova Asset Management Americas Inc. owned about 0.07% of Spotify Technology worth $89,607,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in SPOT. Sivia Capital Partners LLC bought a new stake in shares of Spotify Technology during the 2nd quarter worth $312,000. Jump Financial LLC raised its stake in shares of Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company's stock worth $869,000 after purchasing an additional 56 shares during the period. Cary Street Partners Financial LLC bought a new stake in shares of Spotify Technology during the 2nd quarter worth $178,000. NewEdge Advisors LLC raised its stake in shares of Spotify Technology by 36.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company's stock worth $9,707,000 after purchasing an additional 3,412 shares during the period. Finally, Glenview Trust co bought a new stake in shares of Spotify Technology during the 2nd quarter worth $298,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Down 1.3%

Shares of SPOT opened at $496.56 on Wednesday. The business's 50-day moving average price is $481.98 and its 200-day moving average price is $512.39. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The stock has a market cap of $102.23 billion, a PE ratio of 39.57, a P/E/G ratio of 1.23 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 earnings per share. Analysts expect that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on SPOT shares. Morgan Stanley lifted their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an "overweight" rating in a research note on Friday, May 22nd. 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 report on Thursday, February 26th. Wells Fargo & Company lifted their price objective on Spotify Technology from $580.00 to $600.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Guggenheim decreased their price objective on Spotify Technology from $600.00 to $565.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Finally, The Goldman Sachs Group decreased their price objective on Spotify Technology from $670.00 to $600.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus price target of $655.92.

Insiders Place Their Bets

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company's stock in a transaction that occurred 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 sale, the director 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 69,989 shares of the company's stock, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock valued at $54,647,508 over the last 90 days. Company insiders own 0.40% of the company's stock.

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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