Militia Capital Management LLC Invests $562,000 in Spotify Technology $SPOT

Militia Capital Management LLC bought a new position in shares of Spotify Technology (NYSE:SPOT) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,160 shares of the company’s stock, valued at approximately $562,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. JPL Wealth Management LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $35,000. Kemnay Advisory Services Inc. purchased a new position in shares of Spotify Technology in the 4th quarter valued at $32,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Spotify Technology in the 4th quarter valued at $35,000. Osbon Capital Management LLC acquired a new stake in Spotify Technology during the 4th quarter worth $35,000. Finally, Wilmington Savings Fund Society FSB raised its stake in Spotify Technology by 85.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after acquiring an additional 30 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $478.45, for a total value of $9,967,548.85. Following the completion of the sale, the chief executive officer directly owned 20,259 shares of the company’s stock, valued at approximately $9,692,918.55. This represents a 50.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 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 sale, the director owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 90,609 shares of company stock valued at $45,784,363 in the last quarter. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $485.12 on Tuesday. The stock has a market cap of $99.88 billion, a P/E ratio of 38.66, a P/E/G ratio of 1.24 and a beta of 1.58. The firm has a fifty day moving average price of $485.47 and a 200 day moving average price of $485.78. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30.

Analysts Set New Price Targets

SPOT has been the subject of a number of research reports. Weiss Ratings cut shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. The Goldman Sachs Group cut their target price on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Cantor Fitzgerald boosted their target price on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Finally, Canaccord Genuity Group decreased their target price on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $629.73.

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.