Amova Asset Management Americas Inc. Sells 7,999 Shares of Spotify Technology $SPOT

Amova Asset Management Americas Inc. cut its stake in Spotify Technology (NYSE:SPOT) by 5.2% during the first quarter, HoldingsChannel reports. The fund owned 146,337 shares of the company’s stock after selling 7,999 shares during the quarter. Amova Asset Management Americas Inc.’s holdings in Spotify Technology were worth $70,908,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Norges Bank bought a new position in Spotify Technology in the fourth quarter worth about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Spotify Technology by 1,382.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock valued at $724,251,000 after buying an additional 1,163,045 shares in the last quarter. Coatue Management LLC boosted its holdings in shares of 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 buying an additional 647,708 shares in the last quarter. National Pension Service purchased a new position in shares of Spotify Technology in the 4th quarter worth approximately $316,278,000. Finally, Swedbank AB grew its position in shares of Spotify Technology by 37.9% in the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock worth $938,614,000 after buying an additional 444,162 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Up 3.0%

Shares of NYSE SPOT opened at $492.62 on Tuesday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The company has a 50 day simple moving average of $477.84 and a two-hundred day simple moving average of $490.51. The stock has a market cap of $101.42 billion, a price-to-earnings ratio of 39.25, a PEG ratio of 1.18 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The business 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 revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 EPS. Analysts forecast that Spotify Technology will post 14.51 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on SPOT shares. Weiss Ratings cut shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. UBS Group lowered their price objective on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Rosenblatt Securities dropped their target price on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. JPMorgan Chase & Co. upped their target price on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Morgan Stanley raised their price target on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $638.58.

Insider Activity at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated 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 in the company, valued at approximately $32,497,480.52. This trade represents a 7.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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 Spotify Technology stock in a transaction dated Tuesday, May 26th. The shares were 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 of the company’s stock, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock valued at $54,757,553 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

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.