Amova Asset Management Americas Inc. Sells 20,287 Shares of Spotify Technology $SPOT

Amova Asset Management Americas Inc. decreased its stake in shares of Spotify Technology (NYSE:SPOT) by 11.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 154,336 shares of the company’s stock after selling 20,287 shares during the quarter. Amova Asset Management Americas Inc.’s holdings in Spotify Technology were worth $89,607,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Sivia Capital Partners LLC bought a new position in shares of Spotify Technology in the second quarter worth approximately $312,000. Jump Financial LLC lifted its stake in shares of Spotify Technology by 5.2% in the second quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after buying an additional 56 shares in the last quarter. Cary Street Partners Financial LLC bought a new position in shares of Spotify Technology in the second quarter worth approximately $178,000. NewEdge Advisors LLC lifted its position in Spotify Technology by 36.9% in the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock valued at $9,707,000 after acquiring an additional 3,412 shares in the last quarter. Finally, Glenview Trust co purchased a new stake in Spotify Technology during the 2nd quarter valued at $298,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 1.3%

SPOT opened at $496.56 on Wednesday. The firm has a market cap of $102.23 billion, a P/E ratio of 39.57, a P/E/G ratio of 1.23 and a beta of 1.56. The stock has a 50-day moving average of $481.98 and a 200 day moving average of $512.39. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the prior year, the business earned $1.07 EPS. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. On average, research analysts forecast that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Insider Transactions at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total value of $10,344,001.16. Following the sale, the chief executive officer owned 20,376 shares in the company, valued at $10,117,091.52. This represents a 50.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred 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 transaction, the director owned 4,039 shares in the company, valued at $2,099,714.54. This represents a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Cantor Fitzgerald increased their price objective on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Citizens Jmp increased their price objective on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. Wells Fargo & Company raised their price target on shares of Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Finally, Pivotal Research decreased their price objective on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $655.92.

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.