Dock Street Asset Management Inc. Has $13.01 Million Holdings in Spotify Technology $SPOT

Dock Street Asset Management Inc. decreased its position in shares of Spotify Technology (NYSE:SPOT) by 13.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 26,828 shares of the company’s stock after selling 4,277 shares during the quarter. Spotify Technology accounts for approximately 1.4% of Dock Street Asset Management Inc.’s investment portfolio, making the stock its 22nd largest position. Dock Street Asset Management Inc.’s holdings in Spotify Technology were worth $13,009,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Quadcap Wealth Management LLC lifted its holdings in shares of Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after acquiring an additional 16 shares during the period. Sagespring Wealth Partners LLC increased its stake in Spotify Technology by 2.9% in the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after acquiring an additional 18 shares during the last quarter. Aprio Wealth Management LLC increased its stake in Spotify Technology by 3.1% in the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after acquiring an additional 19 shares during the last quarter. Modern Wealth Management LLC raised its position in Spotify Technology by 7.4% during the third quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock valued at $202,000 after purchasing an additional 20 shares in the last quarter. Finally, Objectivity Squared LLC raised its position in Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock valued at $1,499,000 after purchasing an additional 20 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. UBS Group cut their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Daiwa Securities Group began coverage on Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target on the stock. Rosenblatt Securities boosted their price target on Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a report on Friday, May 22nd. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Finally, Cantor Fitzgerald raised their price objective 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 analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $652.16.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $454.83 on Thursday. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The company has a market cap of $93.64 billion, a price-to-earnings ratio of 36.24, a PEG ratio of 1.11 and a beta of 1.56. The firm has a 50 day simple moving average of $479.21 and a 200 day simple moving average of $503.81.

Spotify Technology (NYSE:SPOT) last posted its 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 firm had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company’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 earnings per share. As a group, analysts expect that Spotify Technology will post 14.68 EPS for the current year.

Insiders Place Their Bets

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the transaction, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the sale, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 111,442 shares of company stock worth $54,647,508. Company 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.