Corient Private Wealth LLC Lowers Stake in Spotify Technology $SPOT

Corient Private Wealth LLC lessened its position in Spotify Technology (NYSE:SPOT) by 13.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,270 shares of the company’s stock after selling 2,817 shares during the period. Corient Private Wealth LLC’s holdings in Spotify Technology were worth $10,610,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SPOT. KERR FINANCIAL PLANNING Corp purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $26,000. JPL Wealth Management LLC acquired a new position in Spotify Technology in the 3rd quarter valued at $35,000. Kemnay Advisory Services Inc. purchased a new position in shares of Spotify Technology during the 4th quarter worth $32,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Spotify Technology during the 4th quarter worth $35,000. Finally, Wilmington Savings Fund Society FSB boosted 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 worth $38,000 after purchasing an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Activity at Spotify Technology

In other news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the transaction, the director directly 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the sale, the director owned 3,619 shares of the company’s stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 111,442 shares of company stock valued at $54,647,508 over the last three months. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Benchmark lowered their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Citizens Jmp increased their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target on the stock in a research note on Thursday, February 26th. Canaccord Genuity Group lowered their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, UBS Group dropped their price objective on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $652.16.

Spotify Technology Stock Down 0.1%

Shares of NYSE SPOT opened at $454.83 on Thursday. The stock has a market capitalization of $93.64 billion, a PE ratio of 36.24, a P/E/G ratio of 1.11 and a beta of 1.56. The firm has a fifty day moving average of $479.21 and a 200-day moving average of $503.81. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping 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 business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the company posted $1.07 EPS. The business’s quarterly revenue was up 8.2% on a year-over-year basis. Equities research analysts expect that Spotify Technology will post 14.68 EPS for the current fiscal year.

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.