Hyperion Asset Management Ltd Sells 30,510 Shares of Spotify Technology $SPOT

Key Points

• Hyperion Asset Management trimmed its Spotify stake by 8.4% in the fourth quarter, selling 30,510 shares and leaving it with 334,868 shares worth about $194.5 million. Spotify remains one of the firm’s top holdings, representing roughly 5.4% of its portfolio.
• Spotify reported strong quarterly results, posting EPS of $4.04 versus the $3.41 consensus and revenue of $5.25 billion, slightly above expectations. Revenue rose 8.2% year over year, and analysts now expect full-year EPS of 14.68.
• Despite a 2.8% stock decline to $456.54, institutional ownership remains high at 84.09%, and analyst sentiment is still constructive with a consensus rating of “Moderate Buy” and an average price target of $652.16.

Hyperion Asset Management Ltd decreased its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 8.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 334,868 shares of the company's stock after selling 30,510 shares during the quarter. Spotify Technology makes up approximately 5.4% of Hyperion Asset Management Ltd's holdings, making the stock its 9th largest holding. Hyperion Asset Management Ltd owned about 0.16% of Spotify Technology worth $194,461,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. State Street Corp lifted its holdings in Spotify Technology by 1.9% during the 4th quarter. State Street Corp now owns 4,712,249 shares of the company's stock worth $2,736,450,000 after buying an additional 89,951 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Spotify Technology by 4.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company's stock valued at $2,247,042,000 after purchasing an additional 149,479 shares during the period. Capital World Investors lifted its stake in shares of Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company's stock valued at $1,663,024,000 after purchasing an additional 133,108 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company's stock valued at $1,547,890,000 after purchasing an additional 62,887 shares during the period. Finally, Coatue Management LLC lifted its stake in shares of Spotify Technology by 35.9% in the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company's stock valued at $1,423,251,000 after purchasing an additional 647,708 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Down 2.8%

SPOT opened at $456.54 on Thursday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The company has a fifty day simple moving average of $481.68 and a 200 day simple moving average of $507.77. The stock has a market cap of $93.99 billion, a P/E ratio of 36.38, a P/E/G ratio of 1.15 and a beta of 1.56.

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

Insiders Place Their Bets

In related news, Director Thomas O. Staggs sold 5,477 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares in the company, valued at $1,903,594. This represents a 60.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Alex Norstrom sold 5,436 shares of the company's stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer 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. The disclosure for this sale is available in the SEC filing. Insiders have sold 111,442 shares of company stock worth $54,647,508 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Wells Fargo & Company increased their price target on Spotify Technology from $580.00 to $600.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Pivotal Research cut their price target on Spotify Technology from $420.00 to $400.00 and set a "hold" rating on the stock in a research note on Wednesday, April 29th. JPMorgan Chase & Co. increased their price target on Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Rosenblatt Securities increased their price target on Spotify Technology from $500.00 to $534.00 and gave the company a "neutral" rating in a research note on Friday, May 22nd. Finally, The Goldman Sachs Group cut their price target on Spotify Technology from $670.00 to $600.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and an average target price of $652.16.

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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