MSA Advisors LLC trimmed its position in Spotify Technology (NYSE:SPOT – Free Report) by 79.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,275 shares of the company’s stock after selling 17,000 shares during the quarter. Spotify Technology makes up approximately 0.6% of MSA Advisors LLC’s holdings, making the stock its 17th largest position. MSA Advisors LLC’s holdings in Spotify Technology were worth $2,483,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Mangrove Partners IM LLC bought a new position in Spotify Technology during the 4th quarter worth $926,000. Blair William & Co. IL grew its stake in Spotify Technology by 13.9% during the 4th quarter. Blair William & Co. IL now owns 44,945 shares of the company’s stock worth $26,100,000 after buying an additional 5,492 shares during the last quarter. Graham Capital Management L.P. grew its stake in Spotify Technology by 149.5% during the 4th quarter. Graham Capital Management L.P. now owns 5,149 shares of the company’s stock worth $2,990,000 after buying an additional 3,085 shares during the last quarter. Night Squared LP grew its stake in Spotify Technology by 17.7% during the 4th quarter. Night Squared LP now owns 4,810 shares of the company’s stock worth $2,793,000 after buying an additional 724 shares during the last quarter. Finally, Magnetar Financial LLC bought a new position in Spotify Technology during the 4th quarter worth $1,764,000. 84.09% of the stock is currently owned by institutional investors.
Spotify Technology Stock Performance
NYSE:SPOT opened at $470.81 on Wednesday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The stock has a market cap of $96.93 billion, a price-to-earnings ratio of 37.51, a PEG ratio of 1.17 and a beta of 1.56. The business has a fifty day moving average of $482.23 and a 200-day moving average of $508.74.
Wall Street Analyst Weigh In
A number of brokerages recently commented on SPOT. Daiwa Securities Group began coverage on Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective for the company. Citizens Jmp increased their price target on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Cantor Fitzgerald increased their price target on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. UBS Group decreased their price target on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Finally, Wells Fargo & Company increased their price target on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $652.16.
Insiders Place Their Bets
In other news, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction 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 in the company, valued at $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the company’s 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 completion of the sale, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is currently owned by insiders.
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.
Featured Stories
- Five stocks we like better than Spotify Technology
- Gravity Check: Houston, SpaceX Has a Valuation Problem
- Strategy’s Bitcoin Rally Has a Hidden Engine
- Okta’s AI Moment May Be Bigger Than Investors Realize
- 3 Rate-Ready Stocks for the New Fed Chair’s First Big Test
Receive News & Ratings for Spotify Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Spotify Technology and related companies with MarketBeat.com's FREE daily email newsletter.
