Munro Partners Lowers Position in Spotify Technology $SPOT

Key Points

• Munro Partners sharply reduced its Spotify stake by 93.8% in the fourth quarter, selling 97,075 shares and leaving it with 6,370 shares valued at about $3.7 million.
• Analyst sentiment remains mostly positive, with several firms raising or lowering price targets but maintaining bullish ratings; the stock currently carries a consensus Moderate Buy and an average target price of $652.16.
• Spotify’s recent results were solid, as the company beat earnings estimates with $4.04 EPS and posted $5.25 billion in revenue, up 8.2% year over year.

Munro Partners lowered its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 93.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,370 shares of the company's stock after selling 97,075 shares during the period. Munro Partners' holdings in Spotify Technology were worth $3,699,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. L2 Asset Management LLC raised its holdings in shares of Spotify Technology by 7.3% in the 4th quarter. L2 Asset Management LLC now owns 674 shares of the company's stock valued at $391,000 after acquiring an additional 46 shares in the last quarter. 71 West Capital Partners purchased a new stake in shares of Spotify Technology in the 4th quarter valued at about $414,000. Alberta Investment Management Corp raised its holdings in shares of Spotify Technology by 15.4% in the 4th quarter. Alberta Investment Management Corp now owns 4,500 shares of the company's stock valued at $2,613,000 after acquiring an additional 600 shares in the last quarter. University of Texas Texas AM Investment Management Co. raised its holdings in shares of Spotify Technology by 1,397.5% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 599 shares of the company's stock valued at $348,000 after acquiring an additional 559 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp raised its holdings in shares of Spotify Technology by 29.8% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 20,493 shares of the company's stock valued at $11,900,000 after acquiring an additional 4,705 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of several recent analyst reports. Citizens Jmp raised their price target on Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a report on Friday, May 22nd. KeyCorp decreased their price objective on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating on the stock in a report on Wednesday, April 29th. Daiwa Securities Group assumed coverage on Spotify Technology in a research report on Thursday, March 26th. They issued an "outperform" rating and a $535.00 target price for the company. JPMorgan Chase & Co. upped their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a research note on Friday, May 22nd. Finally, The Goldman Sachs Group reduced their price target on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $652.16.

Insider Transactions at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the business'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 owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 111,442 shares of company stock valued at $54,647,508. Insiders own 0.40% of the company's stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $479.38 on Tuesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The stock has a 50 day moving average price of $482.58 and a two-hundred day moving average price of $509.61. The company has a market capitalization of $98.69 billion, a P/E ratio of 38.20, a PEG ratio of 1.18 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced 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. 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 the consensus estimate of $5.23 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. The business's revenue was up 8.2% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology will post 14.71 earnings per share for the current year.

Spotify Technology 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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