Russell Investments Group Ltd. Sells 149,614 Shares of Spotify Technology $SPOT

Russell Investments Group Ltd. lessened its holdings in Spotify Technology (NYSE:SPOT) by 33.9% during the 4th quarter, HoldingsChannel reports. The firm owned 291,736 shares of the company’s stock after selling 149,614 shares during the period. Russell Investments Group Ltd.’s holdings in Spotify Technology were worth $169,320,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. State Street Corp increased its position in Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after purchasing an additional 89,951 shares during the last quarter. Capital World Investors increased its position in Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after purchasing an additional 133,108 shares during the last quarter. Fisher Asset Management LLC increased its position in Spotify Technology by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after purchasing an additional 62,887 shares during the last quarter. Coatue Management LLC increased its position in Spotify Technology by 13.3% in the third quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock worth $1,258,615,000 after purchasing an additional 212,006 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Spotify Technology by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company’s stock valued at $991,223,000 after acquiring an additional 93,274 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on SPOT shares. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Citizens Jmp boosted their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research report on Friday, May 22nd. Pivotal Research lowered their target price on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Daiwa Securities Group initiated coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price for the company. Finally, Canaccord Genuity Group lowered their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $652.16.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the sale, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is currently owned by corporate insiders.

Spotify Technology Price Performance

NYSE:SPOT opened at $470.81 on Wednesday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The company has a 50-day moving average of $482.23 and a 200 day moving average of $508.74. The firm has a market cap of $96.93 billion, a PE ratio of 37.51, a price-to-earnings-growth ratio of 1.17 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.07 earnings per share. Sell-side analysts anticipate that Spotify Technology will post 14.71 EPS for the current fiscal 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.