Assetmark Inc. Has $9.79 Million Stock Position in Spotify Technology $SPOT

Assetmark Inc. lowered its stake in shares of Spotify Technology (NYSE:SPOT) by 37.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,183 shares of the company’s stock after selling 11,876 shares during the quarter. Assetmark Inc.’s holdings in Spotify Technology were worth $9,787,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. JPL Wealth Management LLC acquired a new position in shares of Spotify Technology during the third quarter worth approximately $35,000. Kemnay Advisory Services Inc. bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $32,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $35,000. Osbon Capital Management LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $35,000. Finally, Wilmington Savings Fund Society FSB raised its position in Spotify Technology by 85.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Activity

In other Spotify Technology news, 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 sale, the director directly owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the sale, the chief executive officer owned 20,492 shares in the company, valued at approximately $8,826,314.24. This trade represents a 50.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Trading Up 3.0%

NYSE:SPOT opened at $492.62 on Tuesday. Spotify Technology has a 1-year low of $405.00 and a 1-year 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 business’s 50-day moving average price is $477.84 and its two-hundred day moving average price is $490.51.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to analysts’ expectations 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 period in the prior year, the business posted $1.07 EPS. Sell-side analysts predict that Spotify Technology will post 14.51 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on SPOT. Pivotal Research decreased their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Cantor Fitzgerald boosted their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Benchmark cut their price target on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Finally, Daiwa Securities Group initiated coverage on Spotify Technology in a research report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $638.58.

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.