Round Rock Advisors LLC Sells 1,160 Shares of Spotify Technology $SPOT

Round Rock Advisors LLC trimmed its holdings in Spotify Technology (NYSE:SPOT) by 43.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,503 shares of the company’s stock after selling 1,160 shares during the period. Round Rock Advisors LLC’s holdings in Spotify Technology were worth $690,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in SPOT. Pin Oak Investment Advisors Inc. acquired a new position in Spotify Technology in the 2nd quarter valued at $27,000. Portus Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the 1st quarter worth $32,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Spotify Technology during the 4th quarter worth $32,000. Whipplewood Advisors LLC increased its position in shares of Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after purchasing an additional 55 shares during the period. Finally, Palladiem LLC acquired a new position in Spotify Technology in the first quarter valued at about $34,000. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent analyst reports. Benchmark cut their price objective on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a research report on Wednesday, July 22nd. Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Rosenblatt Securities cut their price target on shares of Spotify Technology from $531.00 to $527.00 and set a “neutral” rating for the company in a report on Wednesday, August 5th. Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 26th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $609.05.

Insider Activity at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Monday, July 6th. The shares were sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the completion of the transaction, the chief executive officer directly owned 20,259 shares in the company, 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 the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the transaction, the chief executive officer owned 66,773 shares of the company’s stock, valued at $33,526,723.30. This trade represents a 7.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 52,538 shares of company stock valued at $25,878,250. 0.40% of the stock is owned by insiders.

Spotify Technology Stock Up 2.9%

Spotify Technology stock opened at $559.98 on Thursday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $745.00. The business’s 50-day moving average price is $499.24 and its two-hundred day moving average price is $490.92. The stock has a market cap of $115.29 billion, a PE ratio of 34.87, a P/E/G ratio of 1.60 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The company had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.47 billion. During the same period last year, the company posted ($0.42) EPS. The firm’s revenue was up 13.9% compared to the same quarter last year. As a group, analysts expect that Spotify Technology will post 14.29 earnings per share for the current year.

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.