Spotify Technology $SPOT Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH trimmed its holdings in shares of Spotify Technology (NYSE:SPOT) by 9.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 258,674 shares of the company’s stock after selling 25,677 shares during the quarter. Allianz Asset Management GmbH’s holdings in Spotify Technology were worth $150,215,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in SPOT. Sivia Capital Partners LLC acquired a new position in Spotify Technology during the second quarter worth $312,000. Jump Financial LLC raised its position in Spotify Technology by 5.2% during the second quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after acquiring an additional 56 shares during the period. Cary Street Partners Financial LLC acquired a new position in Spotify Technology during the second quarter worth $178,000. NewEdge Advisors LLC raised its position in Spotify Technology by 36.9% during the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after acquiring an additional 3,412 shares during the period. Finally, Glenview Trust co acquired a new position in Spotify Technology during the second quarter worth $298,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Down 1.3%

Spotify Technology stock opened at $496.56 on Wednesday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The firm has a market capitalization of $102.23 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 1.23 and a beta of 1.56. The company has a fifty day simple moving average of $481.98 and a 200-day simple moving average of $512.39.

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

Insider Buying and Selling at Spotify Technology

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction dated 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 completion of the sale, the director owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the completion of the sale, the chief executive officer directly owned 20,376 shares of the company’s stock, valued at $10,117,091.52. This represents a 50.55% 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 company insiders.

Analysts Set New Price Targets

SPOT has been the subject of a number of research analyst reports. The Goldman Sachs Group reduced their price objective 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. Morgan Stanley upped their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. KeyCorp reduced their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Benchmark dropped their target price on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued 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 a consensus 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.