Spotify Technology $SPOT Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC reduced its holdings in shares of Spotify Technology (NYSE:SPOT) by 20.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. State Street Corp raised its stake in shares of Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after acquiring an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Spotify Technology by 4.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after purchasing an additional 149,479 shares during the period. Capital World Investors boosted its position in Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after purchasing an additional 133,108 shares during the period. Fisher Asset Management LLC increased its holdings in Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after purchasing an additional 62,887 shares in the last quarter. Finally, Coatue Management LLC increased its holdings in Spotify Technology by 35.9% in the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after purchasing an additional 647,708 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Spotify Technology stock opened at $485.14 on Friday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The company has a market capitalization of $99.88 billion, a price-to-earnings ratio of 38.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. The firm’s fifty day moving average price is $470.66 and its 200 day moving average price is $498.40.

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 analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.07 EPS. Analysts forecast that Spotify Technology will post 14.62 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of recent research reports. Rosenblatt Securities boosted their price objective on Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research note on Friday, May 22nd. UBS Group lowered their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. KeyCorp dropped their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $641.83.

Insiders Place Their Bets

In related news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated 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 owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 85,173 shares of company stock worth $42,176,049. Company insiders own 0.40% of the company’s stock.

About Spotify Technology

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.