Amova Asset Management Americas Inc. Sells 7,999 Shares of Spotify Technology $SPOT

Amova Asset Management Americas Inc. trimmed its holdings in shares of Spotify Technology (NYSE:SPOT) by 5.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 146,337 shares of the company’s stock after selling 7,999 shares during the quarter. Amova Asset Management Americas Inc. owned 0.07% of Spotify Technology worth $70,908,000 at the end of the most recent reporting period.

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

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $492.62 on Tuesday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The firm has a market capitalization of $101.42 billion, a price-to-earnings ratio of 39.25, a PEG ratio of 1.18 and a beta of 1.56. The stock has a 50 day moving average price of $477.84 and a 200 day moving average price of $490.51.

Spotify Technology (NYSE:SPOT) last released 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 for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the business posted $1.07 EPS. Analysts forecast that Spotify Technology will post 14.51 earnings per share for the current year.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the transaction, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the firm’s 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 transaction, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 111,442 shares of company stock worth $54,757,553. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent analyst reports. Daiwa Securities Group initiated coverage on Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price for the company. Barclays boosted their price objective on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. KeyCorp reduced their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Morgan Stanley lifted their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Finally, Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $638.58.

Spotify Technology Company 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.