Clough Capital Partners L P Trims Stock Holdings in Spotify Technology $SPOT

Clough Capital Partners L P lowered its holdings in Spotify Technology (NYSE:SPOT) by 32.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 2,434 shares of the company’s stock after selling 1,145 shares during the quarter. Clough Capital Partners L P’s holdings in Spotify Technology were worth $1,180,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in Spotify Technology by 12.9% during the 4th quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after purchasing an additional 73,722 shares in the last quarter. City Holding Co. grew its holdings in Spotify Technology by 2,515.9% during the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock valued at $3,251,000 after buying an additional 5,384 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new position in Spotify Technology during the 4th quarter valued at about $1,162,000. Robeco Schweiz AG increased its position in shares of Spotify Technology by 37.6% during the fourth quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock valued at $10,769,000 after buying an additional 5,071 shares during the period. Finally, Robinhood Asset Management LLC bought a new stake in shares of Spotify Technology during the fourth quarter valued at about $8,233,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 0.1%

Shares of SPOT opened at $483.27 on Monday. The company has a market cap of $99.49 billion, a PE ratio of 38.51, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. The stock has a 50-day moving average price of $481.62 and a 200-day moving average price of $487.62. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SPOT shares. UBS Group cut their price objective on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Wells Fargo & Company decreased their target price on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Citizens Jmp raised their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. Finally, Pivotal Research reduced their price target on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $630.70.

Key Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Insider Activity

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the transaction, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the 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 completion of the transaction, the director directly owned 3,619 shares in the company, valued at approximately $1,903,594. This represents a 60.21% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 111,442 shares of company stock worth $54,757,553. Corporate 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.