Atala Financial Inc Reduces Stock Position in Spotify Technology $SPOT

Atala Financial Inc cut its position in shares of Spotify Technology (NYSE:SPOT) by 68.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 662 shares of the company’s stock after selling 1,411 shares during the period. Atala Financial Inc’s holdings in Spotify Technology were worth $384,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Helios Capital Management PTE. Ltd. raised its position in Spotify Technology by 56.3% during the 3rd quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after purchasing an additional 2,700 shares in the last quarter. Bessemer Group Inc. increased its position in Spotify Technology by 35.1% during the 3rd quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock valued at $476,483,000 after buying an additional 177,310 shares in the last quarter. Truxt Investmentos Ltda. acquired a new position in Spotify Technology during the 3rd quarter valued at about $2,093,000. Ownership Capital B.V. acquired a new position in Spotify Technology during the 3rd quarter valued at about $2,769,000. Finally, Vanguard Group Inc. increased its position in Spotify Technology by 2.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock valued at $702,106,000 after buying an additional 24,199 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on SPOT. Daiwa Securities Group began coverage on Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price on the stock. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and dropped their price target for the company from $735.00 to $700.00 in a research note on Friday, January 23rd. Moffett Nathanson assumed coverage on Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 target price on the stock. Guggenheim lowered their target price on Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. Finally, Wells Fargo & Company lowered their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $697.33.

Insider Activity at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the completion of the transaction, the chief executive officer owned 20,609 shares of the company’s stock, valued at $9,758,773.68. The trade was a 50.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $475.87 on Monday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The stock has a market capitalization of $97.97 billion, a P/E ratio of 49.36, a PEG ratio of 1.06 and a beta of 1.70. The business has a 50 day simple moving average of $487.30 and a two-hundred day simple moving average of $563.81.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Wednesday, February 11th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the firm earned $1.88 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, research analysts anticipate that Spotify Technology will post 10.3 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.