Allen Investment Management LLC Sells 9,003 Shares of Spotify Technology $SPOT

Allen Investment Management LLC lessened its holdings in shares of Spotify Technology (NYSE:SPOT) by 19.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,861 shares of the company’s stock after selling 9,003 shares during the quarter. Allen Investment Management LLC’s holdings in Spotify Technology were worth $21,986,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp bought a new position in Spotify Technology during the third quarter worth about $26,000. Greykasell Wealth Strategies Inc. raised its stake in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after purchasing an additional 38 shares in the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $35,000. JPL Wealth Management LLC purchased a new stake in Spotify Technology in the third quarter valued at approximately $35,000. Finally, Kozak & Associates Inc. raised its stake in Spotify Technology by 1,700.0% in the fourth quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock valued at $39,000 after purchasing an additional 68 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

SPOT stock opened at $509.57 on Tuesday. The company has a market capitalization of $104.91 billion, a PE ratio of 40.60, a price-to-earnings-growth ratio of 1.21 and a beta of 1.55. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The company’s 50 day moving average price is $479.99 and its two-hundred day moving average price is $518.34.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The firm 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 business’s revenue was up 8.2% compared to the same quarter last year. During the same period last year, the firm posted $1.07 earnings per share. On average, research analysts predict that Spotify Technology will post 14.72 EPS for the current year.

Insider Transactions at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’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 transaction of $9,864,842.16. Following the completion of the transaction, 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 position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 90,609 shares of company stock valued at $44,303,507. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on SPOT. Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Morgan Stanley raised their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday. The Goldman Sachs Group lowered their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Finally, Benchmark lowered their target price on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $655.92.

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.