Ritholtz Wealth Management Has $1.99 Million Holdings in Spotify Technology $SPOT

Ritholtz Wealth Management decreased its position in shares of Spotify Technology (NYSE:SPOT) by 36.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,110 shares of the company’s stock after selling 2,381 shares during the quarter. Ritholtz Wealth Management’s holdings in Spotify Technology were worth $1,993,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of SPOT. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $26,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $32,000. Newbridge Financial Services Group Inc. bought a new position in Spotify Technology in the fourth quarter valued at approximately $35,000. Osbon Capital Management LLC bought a new position in Spotify Technology in the fourth quarter valued at approximately $35,000. Finally, JPL Wealth Management LLC acquired a new position in Spotify Technology during the third quarter valued at approximately $35,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $460.74 on Friday. The company’s 50 day moving average price is $476.44 and its two-hundred day moving average price is $502.64. The firm has a market capitalization of $94.86 billion, a P/E ratio of 36.71, a P/E/G ratio of 1.12 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the prior year, the business earned $1.07 earnings per share. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, analysts expect that Spotify Technology will post 14.68 earnings per share for the current year.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the company’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 completion of the transaction, the chief executive officer owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This represents a 7.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the 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 completion of the transaction, the director owned 6,383 shares of the company’s stock, valued at $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 a total of 111,442 shares of company stock worth $54,647,508 over the last three months. 0.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Barclays upped their target price on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. UBS Group reduced their price objective on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Finally, Morgan Stanley lifted their target price on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Two 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 data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $641.83.

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.