Gavilan Investment Partners LLC Buys 9,500 Shares of Spotify Technology $SPOT

Gavilan Investment Partners LLC grew its stake in shares of Spotify Technology (NYSE:SPOT) by 23.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,500 shares of the company’s stock after buying an additional 9,500 shares during the period. Spotify Technology makes up 6.4% of Gavilan Investment Partners LLC’s portfolio, making the stock its 9th biggest position. Gavilan Investment Partners LLC’s holdings in Spotify Technology were worth $24,003,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. JPL Wealth Management LLC bought a new position in Spotify Technology during the 3rd quarter worth approximately $35,000. Kemnay Advisory Services Inc. acquired a new stake in Spotify Technology in the fourth quarter worth $32,000. Newbridge Financial Services Group Inc. bought a new position in shares of Spotify Technology during the fourth quarter worth $35,000. Osbon Capital Management LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $35,000. Finally, Wilmington Savings Fund Society FSB grew its holdings in shares of Spotify Technology by 85.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after buying an additional 30 shares during the period. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on SPOT. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. KeyCorp decreased their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. The Goldman Sachs Group lowered their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Canaccord Genuity Group dropped their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, Guggenheim cut their price objective on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $630.70.

Spotify Technology Stock Performance

Spotify Technology stock opened at $470.04 on Friday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30. The stock has a market capitalization of $96.77 billion, a P/E ratio of 37.45, a PEG ratio of 1.17 and a beta of 1.56. The stock has a 50-day simple moving average of $480.69 and a 200 day simple moving average of $488.40.

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

Insiders Place Their Bets

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the completion of the sale, the chief executive officer owned 20,259 shares of the company’s stock, valued at $9,692,918.55. This trade represents a 50.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the sale, the director directly owned 3,619 shares of the company’s stock, valued at $1,903,594. This represents a 60.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 111,442 shares of company stock worth $54,757,553 in the last quarter. Company insiders own 0.40% of the company’s stock.

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.