Fifth Third Bancorp Lowers Position in Spotify Technology $SPOT

Fifth Third Bancorp decreased its holdings in shares of Spotify Technology (NYSE:SPOT) by 44.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,343 shares of the company’s stock after selling 2,639 shares during the quarter. Fifth Third Bancorp’s holdings in Spotify Technology were worth $1,621,000 at the end of the most recent quarter.

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

Insider Activity at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $480.86, for a total value of $2,613,954.96. Following the completion of the sale, the chief executive officer owned 67,582 shares of the company’s stock, valued at $32,497,480.52. This trade represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction on 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 approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 111,442 shares of company stock valued at $54,757,553 over the last 90 days. Company insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

NYSE SPOT opened at $470.04 on Friday. The stock has a market capitalization of $96.77 billion, a PE ratio of 37.45, a PEG ratio of 1.17 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The business’s 50-day moving average is $480.69 and its 200 day moving average is $488.40.

Spotify Technology (NYSE:SPOT) last released 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. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the prior year, the company posted $1.07 EPS. Spotify Technology’s quarterly revenue was up 8.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SPOT shares. Citizens Jmp upped their price objective on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Morgan Stanley upped their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Daiwa Securities Group assumed coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target on the stock. Barclays upped their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Finally, Rosenblatt Securities reduced their target price on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.

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.