Militia Capital Management LLC Makes New Investment in Spotify Technology $SPOT

Militia Capital Management LLC purchased a new position in Spotify Technology (NYSE:SPOT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,160 shares of the company’s stock, valued at approximately $562,000.

Other hedge funds have also recently modified their holdings of the company. Kemnay Advisory Services Inc. purchased a new stake in shares of Spotify Technology during the fourth quarter worth about $32,000. Portus Wealth Advisors LLC bought a new stake in shares of Spotify Technology in the first quarter worth about $32,000. Whipplewood Advisors LLC increased its holdings in Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after purchasing an additional 55 shares during the period. Palladiem LLC purchased a new position in Spotify Technology during the 1st quarter valued at about $34,000. Finally, JPL Wealth Management LLC bought a new position in Spotify Technology during the 3rd quarter valued at approximately $35,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on SPOT. 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. Rosenblatt Securities reduced their target price on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Wells Fargo & Company decreased their target price on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. Pivotal Research dropped their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Finally, Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a report on Sunday, July 12th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $630.70.

Spotify Technology Price Performance

Shares of SPOT opened at $470.04 on Friday. Spotify Technology has a one year low of $405.00 and a one year high of $748.30. The company has a 50-day simple moving average of $480.69 and a two-hundred day simple moving average of $488.40. The firm has a market capitalization of $96.77 billion, a PE ratio of 37.45, a price-to-earnings-growth ratio of 1.17 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data 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 business had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the previous year, the firm posted $1.07 EPS. The business’s revenue was up 8.2% on a year-over-year basis. Analysts expect that Spotify Technology will post 14.51 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the sale, the chief executive officer directly owned 20,492 shares in the company, valued at $8,826,314.24. The trade was a 50.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the company’s 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 sale, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 111,442 shares of company stock worth $54,757,553 over the last quarter. Company insiders own 0.40% of the company’s stock.

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.