Dimensional Fund Advisors LP Sells 3,119 Shares of Spotify Technology $SPOT

Dimensional Fund Advisors LP lowered its stake in shares of Spotify Technology (NYSE:SPOT) by 1.2% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 264,756 shares of the company’s stock after selling 3,119 shares during the period. Dimensional Fund Advisors LP owned approximately 0.13% of Spotify Technology worth $128,364,000 as of its most recent SEC filing.

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

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $495.05 on Tuesday. The stock has a market capitalization of $101.92 billion, a P/E ratio of 39.45, a P/E/G ratio of 1.19 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The stock’s 50-day simple moving average is $482.63 and its 200 day simple moving average is $487.08.

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. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the prior year, the company posted $1.07 EPS. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. Equities research analysts forecast that Spotify Technology will post 14.51 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the sale, the chief executive officer directly owned 67,582 shares in the company, valued at approximately $32,497,480.52. The trade was a 7.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock worth $54,757,553 in the last 90 days. 0.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SPOT shares. Guggenheim cut their price target on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Wall Street Zen downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday. Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Finally, KeyCorp reduced their target price on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” 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 given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $630.70.

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.