Savant Capital LLC Cuts Stock Position in Spotify Technology $SPOT

Key Points

• Savant Capital LLC reduced its Spotify stake by 80.4% in the fourth quarter, leaving it with 541 shares worth about $314,000.
• Spotify reported a strong quarterly beat, with EPS of $4.04 versus the $3.41 consensus and revenue of $5.25 billion, up 8.2% year over year.
• Despite some insider selling and mixed analyst price target changes, Wall Street remains broadly positive on Spotify, with a Moderate Buy consensus and an average price target of $655.92.

Savant Capital LLC lowered its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 80.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 541 shares of the company's stock after selling 2,224 shares during the period. Savant Capital LLC's holdings in Spotify Technology were worth $314,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SPOT. Capital World Investors boosted its position in Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company's stock worth $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors purchased a new position in Spotify Technology in the third quarter worth $512,190,000. Swedbank AB boosted its position in Spotify Technology by 37.9% in the fourth quarter. Swedbank AB now owns 1,616,321 shares of the company's stock worth $938,614,000 after purchasing an additional 444,162 shares during the last quarter. Alliancebernstein L.P. boosted its position in Spotify Technology by 157.5% in the third quarter. Alliancebernstein L.P. now owns 699,930 shares of the company's stock worth $488,551,000 after purchasing an additional 428,156 shares during the last quarter. Finally, Scge Management L.P. purchased a new position in Spotify Technology in the second quarter worth $250,153,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $497.19 on Friday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The business's fifty day moving average price is $481.01 and its 200-day moving average price is $515.08. The stock has a market capitalization of $102.36 billion, a PE ratio of 39.62, a P/E/G ratio of 1.21 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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the company posted $1.07 EPS. The firm's revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, equities analysts expect that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In related news, 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 sale, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their position. The transaction 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 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 111,442 shares of company stock worth $54,647,508 in the last 90 days. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on SPOT. Daiwa Securities Group began coverage on Spotify Technology in a research report on Thursday, March 26th. They issued an "outperform" rating and a $535.00 price objective on the stock. Cantor Fitzgerald boosted their price objective on Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 26th. KeyCorp cut their price objective on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 29th. Morgan Stanley boosted their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Finally, Pivotal Research cut their price objective on Spotify Technology from $420.00 to $400.00 and set a "hold" rating on the stock in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $655.92.

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.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

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.