Fifth Third Bancorp Trims Stock Holdings in Spotify Technology $SPOT

Fifth Third Bancorp lowered its position in shares of Spotify Technology (NYSE:SPOT) by 44.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 3,343 shares of the company’s stock after selling 2,639 shares during the period. Fifth Third Bancorp’s holdings in Spotify Technology were worth $1,621,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. JPL Wealth Management LLC bought a new position in shares of Spotify Technology in the 3rd quarter worth about $35,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Spotify Technology in the 4th quarter worth approximately $32,000. Newbridge Financial Services Group Inc. bought a new position in Spotify Technology during the 4th quarter valued at approximately $35,000. Osbon Capital Management LLC purchased a new stake in shares of Spotify Technology in the fourth quarter worth $35,000. Finally, Wilmington Savings Fund Society FSB increased its holdings in shares of Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after acquiring an additional 30 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 0.9%

Shares of Spotify Technology stock opened at $470.04 on Friday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The company’s 50 day moving average is $480.69 and its 200 day moving average is $488.40. The company has a market cap of $96.77 billion, a price-to-earnings ratio of 37.45, a price-to-earnings-growth ratio of 1.17 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The business 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 revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 EPS. Sell-side analysts expect that Spotify Technology will post 14.51 EPS for the current fiscal year.

Insider Buying and Selling

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $480.86, for a total value of $2,613,954.96. Following the transaction, the chief executive officer directly owned 67,582 shares of the company’s stock, valued at approximately $32,497,480.52. This trade represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’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 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 SEC filing for this sale provides additional information. Insiders have sold 111,442 shares of company stock valued at $54,757,553 in the last 90 days. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of several recent analyst reports. Citizens Jmp increased their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. Canaccord Genuity Group dropped their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Guggenheim cut their price target on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. UBS Group reduced their price target on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Finally, Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.

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.