Assetmark Inc. Sells 11,876 Shares of Spotify Technology $SPOT

Assetmark Inc. cut its holdings in Spotify Technology (NYSE:SPOT) by 37.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 20,183 shares of the company’s stock after selling 11,876 shares during the quarter. Assetmark Inc.’s holdings in Spotify Technology were worth $9,787,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Portus Wealth Advisors LLC acquired a new stake in Spotify Technology during the 1st quarter worth approximately $32,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology in the fourth quarter valued at approximately $32,000. Whipplewood Advisors LLC boosted its holdings in shares of Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after buying an additional 55 shares during the period. Newbridge Financial Services Group Inc. acquired a new position in shares of Spotify Technology in the fourth quarter valued at approximately $35,000. Finally, Osbon Capital Management LLC bought a new stake in shares of Spotify Technology during the fourth quarter worth $35,000. 84.09% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $480.86, for a total value of $2,613,954.96. Following the completion of the transaction, the chief executive officer owned 67,582 shares of the company’s stock, valued at $32,497,480.52. This trade represents a 7.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is owned by corporate insiders.

Spotify Technology Stock Up 3.0%

NYSE:SPOT opened at $492.62 on Tuesday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The firm has a market capitalization of $101.42 billion, a price-to-earnings ratio of 39.25, a price-to-earnings-growth ratio of 1.18 and a beta of 1.56. The stock’s 50 day moving average price is $477.84 and its two-hundred day moving average price is $490.51.

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. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the prior year, the firm posted $1.07 EPS. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Citizens Jmp raised their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Cantor Fitzgerald increased their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Pivotal Research dropped their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. Daiwa Securities Group initiated coverage on Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their price objective on Spotify Technology from $600.00 to $650.00 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 assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $638.58.

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.