Spotify Technology $SPOT Shares Sold by Corient Private Wealth LLC

Key Points

• Corient Private Wealth LLC reduced its Spotify Technology stake by 13.4% in Q4, selling 2,817 shares and leaving it with 18,270 shares valued at about $10.6 million.
• Spotify reported strong quarterly results, with EPS of $4.04 versus the $3.41 estimate and revenue of $5.25 billion, up 8.2% year over year.
• Analysts remain broadly positive on SPOT despite some target cuts, with the stock carrying a Moderate Buy rating and a consensus price target of $652.16.

Corient Private Wealth LLC cut its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 13.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,270 shares of the company's stock after selling 2,817 shares during the quarter. Corient Private Wealth LLC's holdings in Spotify Technology were worth $10,610,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Quadcap Wealth Management LLC grew its stake in shares of Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company's stock worth $206,000 after purchasing an additional 16 shares during the period. Sagespring Wealth Partners LLC increased its holdings in shares of Spotify Technology by 2.9% in the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company's stock valued at $370,000 after purchasing an additional 18 shares in the last quarter. Aprio Wealth Management LLC lifted its stake in shares of Spotify Technology by 3.1% in the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company's stock valued at $442,000 after purchasing an additional 19 shares during the period. Modern Wealth Management LLC lifted its stake in shares of Spotify Technology by 7.4% in the third quarter. Modern Wealth Management LLC now owns 289 shares of the company's stock valued at $202,000 after purchasing an additional 20 shares during the period. Finally, Objectivity Squared LLC boosted its holdings in Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company's stock worth $1,499,000 after buying an additional 20 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 0.1%

NYSE:SPOT opened at $454.83 on Thursday. The firm has a 50-day moving average price of $479.21 and a two-hundred day moving average price of $503.81. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company has a market capitalization of $93.64 billion, a P/E ratio of 36.24, a price-to-earnings-growth ratio of 1.11 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results 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. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the prior year, the firm earned $1.07 earnings per share. The company's revenue for the quarter was up 8.2% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology will post 14.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SPOT shares. Benchmark lowered their target price 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. The Goldman Sachs Group reduced their price target on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Daiwa Securities Group initiated coverage on Spotify Technology in a research note on Thursday, March 26th. They set an "outperform" rating and a $535.00 price target on the stock. Pivotal Research lowered their price target on Spotify Technology from $420.00 to $400.00 and set a "hold" rating on the stock in a report on Wednesday, April 29th. Finally, Morgan Stanley raised their price objective on Spotify Technology from $590.00 to $610.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $652.16.

Insider Buying and Selling at Spotify Technology

In related news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The shares were 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 approximately $9,758,773.68. The trade was a 50.27% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by insiders.

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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