Sterling Capital Management LLC Sells 2,628 Shares of Spotify Technology $SPOT

Sterling Capital Management LLC lessened its position in Spotify Technology (NYSE:SPOT) by 40.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,813 shares of the company’s stock after selling 2,628 shares during the quarter. Sterling Capital Management LLC’s holdings in Spotify Technology were worth $1,849,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Quadcap Wealth Management LLC grew its stake 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 in the last quarter. Sagespring Wealth Partners LLC raised its holdings in shares of 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 purchasing an additional 18 shares during the last quarter. Aprio Wealth Management LLC lifted its position in shares of Spotify Technology by 3.1% in the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock worth $442,000 after purchasing an additional 19 shares in the last quarter. Modern Wealth Management LLC lifted its position in shares of Spotify Technology by 7.4% in the third quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock worth $202,000 after purchasing an additional 20 shares in the last quarter. Finally, Objectivity Squared LLC boosted its holdings in Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the sale, the chief executive officer owned 20,609 shares in the company, valued at $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction that occurred on 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 sale, the director directly owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 111,442 shares of company stock valued at $54,647,508 in the last three months. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Trading Up 0.2%

NYSE SPOT opened at $461.07 on Tuesday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $778.33. The stock has a 50 day moving average of $475.02 and a 200-day moving average of $501.24. The company has a market cap of $94.92 billion, a PE ratio of 36.74, a PEG ratio of 1.12 and a beta of 1.56.

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 analysts’ consensus estimates of $3.41 by $0.63. The business had revenue of $5.25 billion for 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 for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.07 earnings per share. As a group, sell-side analysts predict that Spotify Technology will post 14.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SPOT. UBS Group decreased their target price on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Canaccord Genuity Group cut their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Daiwa Securities Group assumed coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective for the company. Cantor Fitzgerald raised their price objective on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Finally, KeyCorp lowered their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $641.83.

Spotify Technology Company 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.