Spotify Technology $SPOT Shares Sold by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co lessened its stake in shares of Spotify Technology (NYSE:SPOT) by 7.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,600 shares of the company’s stock after selling 1,400 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Spotify Technology were worth $9,640,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. State Street Corp increased its stake in shares of Spotify Technology by 1.1% during the third quarter. State Street Corp now owns 4,622,298 shares of the company’s stock valued at $3,226,364,000 after acquiring an additional 48,070 shares during the period. Capital World Investors increased its stake in shares of Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after acquiring an additional 789,755 shares during the period. Fisher Asset Management LLC boosted its holdings in Spotify Technology by 4.6% during the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock worth $1,816,632,000 after buying an additional 113,612 shares in the last quarter. Coatue Management LLC boosted its holdings in Spotify Technology by 13.3% during the third quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock worth $1,258,615,000 after buying an additional 212,006 shares in the last quarter. Finally, Sands Capital Management LLC boosted its holdings in Spotify Technology by 14.2% during the third quarter. Sands Capital Management LLC now owns 1,547,640 shares of the company’s stock worth $1,080,253,000 after buying an additional 192,837 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Buying and Selling

In related 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 completion of the transaction, the chief executive officer owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 directly owned 20,609 shares of the company’s stock, valued at $9,758,773.68. This represents a 50.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $419.47 on Wednesday. The company has a 50 day moving average price of $498.37 and a 200 day moving average price of $543.26. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm has a market capitalization of $86.36 billion, a price-to-earnings ratio of 33.42, a P/E/G ratio of 1.08 and a beta of 1.55.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter last year, the business posted $1.07 EPS. The company’s revenue was up 8.2% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently weighed in on SPOT shares. UBS Group reduced their target price on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a report on Thursday, April 30th. KeyCorp reduced their target price on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Sanford C. Bernstein reduced their target price on shares of Spotify Technology from $830.00 to $650.00 and set an “outperform” rating for the company in a report on Wednesday, January 14th. Guggenheim reduced their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Canaccord Genuity Group reduced their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $645.77.

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.