Russell Investments Group Ltd. Sells 149,614 Shares of Spotify Technology $SPOT

Key Points

• Russell Investments Group Ltd. cut its Spotify stake by 33.9% in the fourth quarter, selling 149,614 shares and leaving it with 291,736 shares valued at about $169.3 million.
• Insider selling has been notable, with directors Thomas O. Staggs and Sven Hans Martin Lorentzon both reducing their holdings significantly; insiders sold 111,442 shares over the last 90 days.
• Analysts remain mostly constructive on Spotify, with a consensus rating of “Moderate Buy” and an average price target of $652.16, while the company recently beat quarterly EPS and revenue estimates.

Russell Investments Group Ltd. lowered its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 33.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 291,736 shares of the company's stock after selling 149,614 shares during the quarter. Russell Investments Group Ltd. owned 0.14% of Spotify Technology worth $169,320,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp purchased a new position in Spotify Technology during the third quarter valued at approximately $26,000. JPL Wealth Management LLC purchased a new position in Spotify Technology during the third quarter valued at approximately $35,000. Kemnay Advisory Services Inc. purchased a new position in Spotify Technology during the fourth quarter valued at approximately $32,000. Newbridge Financial Services Group Inc. purchased a new position in Spotify Technology during the fourth quarter valued at approximately $35,000. Finally, Wilmington Savings Fund Society FSB lifted its holdings in Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company's stock valued at $38,000 after purchasing an additional 30 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Insider Activity

In related news, Director Thomas O. Staggs sold 5,477 shares of the business'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 sale, the director owned 3,619 shares in the company, valued at approximately $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the sale, the director owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 111,442 shares of company stock valued at $54,647,508. Company insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SPOT. Cantor Fitzgerald lifted their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the company a "neutral" rating in a report on Tuesday, May 26th. Daiwa Securities Group began coverage on shares of Spotify Technology in a report on Thursday, March 26th. They set an "outperform" rating and a $535.00 price target on the stock. Canaccord Genuity Group lowered their price target on shares of Spotify Technology from $750.00 to $720.00 and set a "buy" rating on the stock in a report on Wednesday, April 29th. Benchmark reduced their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Finally, Arete Research upgraded shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price objective on the stock in a research report on Thursday, February 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $652.16.

Spotify Technology Price Performance

Spotify Technology stock opened at $470.81 on Wednesday. The stock has a market cap of $96.93 billion, a P/E ratio of 37.51, a PEG ratio of 1.17 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The firm's 50 day moving average price is $482.23 and its 200-day moving average price is $508.74.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm 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%. The company's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.07 earnings per share. As a group, equities analysts expect that Spotify Technology will post 14.71 EPS 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.

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