Janney Montgomery Scott LLC Sells 3,887 Shares of Spotify Technology $SPOT

Key Points

• Janney Montgomery Scott LLC trimmed its Spotify stake by 11.0% in the first quarter, selling 3,887 shares and leaving it with 31,527 shares valued at about $15.3 million.
• Several Spotify insiders sold shares recently, including directors Sven Hans Martin Lorentzon and Thomas O. Staggs; insiders sold a total of 85,173 shares worth about $42.2 million last quarter.
• Analysts remain largely constructive on Spotify, with a Moderate Buy consensus and an average price target of $641.83, while the stock was trading up 2.6% at $470.88 after the company beat earnings and revenue estimates in its latest report.

Janney Montgomery Scott LLC reduced its stake in Spotify Technology (NYSE:SPOT - Free Report) by 11.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 31,527 shares of the company's stock after selling 3,887 shares during the quarter. Janney Montgomery Scott LLC's holdings in Spotify Technology were worth $15,288,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SPOT. Principal Financial Group Inc. lifted its position in shares of Spotify Technology by 12.9% during the 4th quarter. Principal Financial Group Inc. now owns 645,196 shares of the company's stock worth $374,672,000 after purchasing an additional 73,722 shares during the last quarter. City Holding Co. grew its holdings in Spotify Technology by 2,515.9% in the 4th quarter. City Holding Co. now owns 5,598 shares of the company's stock valued at $3,251,000 after buying an additional 5,384 shares during the last quarter. ARK Investment Management LLC increased its position in Spotify Technology by 8.2% in the 3rd quarter. ARK Investment Management LLC now owns 80,285 shares of the company's stock worth $56,039,000 after buying an additional 6,100 shares during the period. Robeco Schweiz AG increased its position in Spotify Technology by 37.6% in the 4th quarter. Robeco Schweiz AG now owns 18,544 shares of the company's stock worth $10,769,000 after buying an additional 5,071 shares during the period. Finally, Bellwether Advisors LLC lifted its holdings in shares of Spotify Technology by 98.4% during the third quarter. Bellwether Advisors LLC now owns 7,427 shares of the company's stock worth $5,184,000 after buying an additional 3,683 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Insider Buying and Selling at Spotify Technology

In related 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction 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 represents a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 85,173 shares of company stock valued at $42,176,049 over the last quarter. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SPOT has been the subject of several research reports. Benchmark reduced their price objective on Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Barclays upped their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. KeyCorp decreased their price target on shares of Spotify Technology from $745.00 to $680.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 29th. Cantor Fitzgerald boosted their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a report on Tuesday, May 26th. Finally, Wells Fargo & Company upped their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $641.83.

Spotify Technology Trading Up 2.6%

SPOT opened at $470.88 on Thursday. The stock's 50 day simple moving average is $472.17 and its 200-day simple moving average is $499.29. The stock has a market cap of $96.94 billion, a PE ratio of 37.52, a P/E/G ratio of 1.13 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $5.23 billion. During the same period last year, the business earned $1.07 earnings per share. Spotify Technology's quarterly revenue was up 8.2% compared to the same quarter last year. Equities analysts forecast that Spotify Technology will post 14.64 earnings per share for the current fiscal year.

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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