Gavilan Investment Partners LLC Purchases 9,500 Shares of Spotify Technology $SPOT

Gavilan Investment Partners LLC lifted its position in shares of Spotify Technology (NYSE:SPOT) by 23.7% during the first quarter, Holdings Channel.com reports. The firm owned 49,500 shares of the company’s stock after buying an additional 9,500 shares during the quarter. Spotify Technology accounts for 6.4% of Gavilan Investment Partners LLC’s portfolio, making the stock its 9th biggest holding. Gavilan Investment Partners LLC’s holdings in Spotify Technology were worth $24,003,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Portus Wealth Advisors LLC acquired a new position in Spotify Technology in the 1st quarter valued at $32,000. Kemnay Advisory Services Inc. bought a new stake in shares of Spotify Technology in the fourth quarter valued at about $32,000. Whipplewood Advisors LLC grew its stake in shares of Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after acquiring an additional 55 shares in the last quarter. Palladiem LLC acquired a new position in shares of Spotify Technology in the first quarter valued at about $34,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Spotify Technology during the fourth quarter worth about $35,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the completion of the transaction, the chief executive officer owned 67,582 shares of the company’s stock, valued at approximately $32,497,480.52. The trade was a 7.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, 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 SEC filing for this sale provides additional information. Over the last quarter, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by insiders.

Spotify Technology Stock Down 0.9%

SPOT stock opened at $470.04 on Friday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The firm has a market cap of $96.77 billion, a P/E ratio of 37.45, a P/E/G ratio of 1.17 and a beta of 1.56. The company’s 50-day moving average price is $480.69 and its two-hundred day moving average price is $488.40.

Spotify Technology (NYSE:SPOT) last issued 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 during 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 firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.07 EPS. Equities analysts predict that Spotify Technology will post 14.51 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SPOT. UBS Group dropped their price objective on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Pivotal Research lowered their target price on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Wells Fargo & Company dropped their price target on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Finally, Cantor Fitzgerald boosted their price target on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $630.70.

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.