Savant Capital LLC Sells 2,224 Shares of Spotify Technology $SPOT

Savant Capital LLC trimmed its stake in shares of Spotify Technology (NYSE:SPOT) by 80.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 541 shares of the company’s stock after selling 2,224 shares during the quarter. Savant Capital LLC’s holdings in Spotify Technology were worth $314,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in Spotify Technology by 12.9% in the 4th quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after acquiring an additional 73,722 shares during the last quarter. Vanguard Group Inc. increased its stake in Spotify Technology by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock worth $702,106,000 after acquiring an additional 24,199 shares during the last quarter. City Holding Co. increased its stake in Spotify Technology by 2,515.9% in the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after acquiring an additional 5,384 shares during the last quarter. ARK Investment Management LLC increased its stake in Spotify Technology by 8.2% in the 3rd quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock worth $56,039,000 after acquiring an additional 6,100 shares during the last quarter. Finally, Fisher Asset Management LLC increased its stake in Spotify Technology by 4.6% in the 3rd quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock worth $1,816,632,000 after acquiring an additional 113,612 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Insider Activity at Spotify Technology

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was 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 owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total value of $10,344,001.16. Following the completion of the sale, the chief executive officer owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 111,442 shares of company stock worth $54,647,508 over the last three months. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $497.19 on Friday. The stock has a market capitalization of $102.36 billion, a PE ratio of 39.62, a P/E/G ratio of 1.21 and a beta of 1.56. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The business has a 50-day moving average of $481.01 and a 200 day moving average of $515.08.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.07 EPS. Analysts anticipate that Spotify Technology will post 14.72 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SPOT shares. UBS Group decreased their target price 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. KeyCorp decreased their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Daiwa Securities Group started coverage on Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price on the stock. Morgan Stanley upped their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Finally, Cantor Fitzgerald upped their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $655.92.

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.