Privium Fund Management B.V. Has $39.49 Million Stake in Spotify Technology $SPOT

Key Points

• Privium Fund Management cut its Spotify position by 28.4% in Q4, selling 27,000 shares and retaining 68,000 shares worth $39.49 million, which represents about 7.3% of its portfolio and is its third-largest holding.
• Insider sales — CEO Gustav Soderstrom sold 20,833 shares (~$9.86M) and Alex Norstrom sold 5,436 shares (~$2.61M), reducing their ownership by 50.27% and 7.21%, respectively.
• Spotify beat quarterly estimates (EPS $4.04 vs. $3.41; revenue $5.25B vs. $5.23B), and Wall Street has a consensus rating of "Moderate Buy" with an average price target of $645.77 despite several firms trimming targets.

Privium Fund Management B.V. lowered its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 28.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,000 shares of the company's stock after selling 27,000 shares during the quarter. Spotify Technology makes up about 7.3% of Privium Fund Management B.V.'s investment portfolio, making the stock its 3rd largest position. Privium Fund Management B.V.'s holdings in Spotify Technology were worth $39,488,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPOT. Capital World Investors raised its position in shares of Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company's stock worth $1,906,260,000 after acquiring an additional 789,755 shares during the last quarter. Capital Research Global Investors bought a new stake in shares of Spotify Technology during the third quarter worth $512,190,000. Principal Financial Group Inc. raised its position in shares of Spotify Technology by 3,534.9% during the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company's stock worth $398,889,000 after acquiring an additional 555,752 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Spotify Technology by 157.5% during the third quarter. Alliancebernstein L.P. now owns 699,930 shares of the company's stock worth $488,551,000 after acquiring an additional 428,156 shares during the last quarter. Finally, Scge Management L.P. bought a new stake in shares of Spotify Technology during the second quarter worth $250,153,000. Institutional investors own 84.09% of the company's stock.

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 value of $9,864,842.16. Following the completion of the sale, the chief executive officer directly owned 20,609 shares in the company, valued at $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction dated 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 of the company's stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent research reports. Guggenheim dropped their target price on Spotify Technology from $600.00 to $565.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Cantor Fitzgerald dropped their target price on Spotify Technology from $525.00 to $430.00 and set a "neutral" rating for the company in a research report on Wednesday, April 29th. The Goldman Sachs Group dropped 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. UBS Group cut their target price on Spotify Technology from $760.00 to $735.00 and set a "buy" rating on the stock in a research note on Thursday, April 30th. Finally, Wall Street Zen raised Spotify Technology from a "hold" rating to a "buy" rating in a research note on Sunday, April 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $645.77.

Spotify Technology Trading Down 4.3%

NYSE:SPOT opened at $419.47 on Wednesday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The business's 50-day moving average price is $498.37 and its two-hundred day moving average price is $543.26. The firm has a market capitalization of $86.36 billion, a price-to-earnings ratio of 33.42, a PEG ratio of 1.08 and a beta of 1.55.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results 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 for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the prior year, the firm posted $1.07 earnings per share. The company's quarterly revenue was up 8.2% on a year-over-year basis. Sell-side analysts predict that Spotify Technology will post 14.51 earnings per share for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.