Spotify Technology $SPOT Holdings Cut by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co decreased its stake in Spotify Technology (NYSE:SPOT) by 7.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 16,600 shares of the company’s stock after selling 1,400 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Spotify Technology were worth $9,640,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Greykasell Wealth Strategies Inc. lifted its position in Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares in the last quarter. KERR FINANCIAL PLANNING Corp purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $26,000. Westfuller Advisors LLC purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $29,000. JPL Wealth Management LLC purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $35,000. Finally, Chilton Capital Management LLC lifted its position in Spotify Technology by 183.3% in the 3rd quarter. Chilton Capital Management LLC now owns 51 shares of the company’s stock worth $36,000 after buying an additional 33 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $419.47 on Wednesday. The company has a market capitalization of $86.36 billion, a PE ratio of 33.42, a price-to-earnings-growth ratio of 1.08 and a beta of 1.55. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The company’s fifty day moving average price is $498.37 and its 200 day moving average price is $543.26.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The firm 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%. The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 EPS. Analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. The Goldman Sachs Group cut their target price 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. Benchmark cut their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a report on Sunday, April 26th. JPMorgan Chase & Co. cut their price target on shares of Spotify Technology from $700.00 to $600.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Finally, Barclays cut their price target on shares of Spotify Technology from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $645.77.

Insider Buying and Selling at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction 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 transaction, the chief executive officer owned 20,609 shares in the company, valued at $9,758,773.68. This trade represents a 50.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.40% of the company’s stock.

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.