Spotify Technology $SPOT Shares Sold by Moran Wealth Management LLC

Key Points

• Moran Wealth Management cut its Spotify stake by 20.8% in the first quarter, selling 7,348 shares and leaving it with 28,053 shares valued at about $13.6 million.
• Other institutional investors made mixed moves, while institutions and hedge funds still hold a large majority of Spotify shares at 84.09% of the company.
• Analysts remain broadly positive on SPOT: the stock has a Moderate Buy consensus with an average target price of $641.83, even as several firms recently adjusted their price targets.

Moran Wealth Management LLC lessened its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 20.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,053 shares of the company's stock after selling 7,348 shares during the quarter. Moran Wealth Management LLC's holdings in Spotify Technology were worth $13,603,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in SPOT. Quadcap Wealth Management LLC grew its holdings in shares of Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company's stock worth $206,000 after buying an additional 16 shares in the last quarter. Sagespring Wealth Partners LLC lifted its stake in shares of Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company's stock valued at $370,000 after buying an additional 18 shares during the period. Modern Wealth Management LLC lifted its stake in shares of Spotify Technology by 7.4% during the third quarter. Modern Wealth Management LLC now owns 289 shares of the company's stock valued at $202,000 after buying an additional 20 shares during the period. Objectivity Squared LLC boosted its position 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 acquiring an additional 20 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Spotify Technology by 1.4% in the 4th quarter. GAMMA Investing LLC now owns 1,667 shares of the company's stock worth $968,000 after acquiring an additional 23 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SPOT. Benchmark cut their price target on Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Wells Fargo & Company raised their price objective on Spotify Technology from $580.00 to $600.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Canaccord Genuity Group lowered their price objective on Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. JPMorgan Chase & Co. upped their target price on Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Finally, Daiwa Securities Group began coverage on Spotify Technology in a research report on Thursday, March 26th. They set an "outperform" rating and a $535.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $641.83.

Insider Transactions at Spotify Technology

In related news, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the transaction, the director directly owned 3,619 shares of the company's stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value 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. This trade represents a 39.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 85,173 shares of company stock valued at $42,176,049. Corporate insiders own 0.40% of the company's stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $485.14 on Friday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The firm has a 50 day moving average price of $470.66 and a 200 day moving average price of $498.40. The company has a market cap of $99.88 billion, a price-to-earnings ratio of 38.66, a PEG ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology's revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 earnings per share. Sell-side analysts predict that Spotify Technology will post 14.62 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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