iA Global Asset Management Inc. Buys Shares of 55,539 Spotify Technology $SPOT

iA Global Asset Management Inc. bought a new stake in shares of Spotify Technology (NYSE:SPOT) in the fourth quarter, HoldingsChannel.com reports. The firm bought 55,539 shares of the company’s stock, valued at approximately $32,252,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Spotify Technology in the 3rd quarter worth $26,000. Greykasell Wealth Strategies Inc. increased its stake in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after purchasing an additional 38 shares in the last quarter. Westfuller Advisors LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter worth $29,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Spotify Technology in the 4th quarter worth $35,000. Finally, JPL Wealth Management LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter worth $35,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

SPOT opened at $436.74 on Friday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The company has a fifty day moving average of $487.47 and a two-hundred day moving average of $530.60. The stock has a market capitalization of $89.92 billion, a price-to-earnings ratio of 34.80, a PEG ratio of 1.05 and a beta of 1.55.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the prior year, the firm earned $1.07 EPS. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, equities research analysts forecast that Spotify Technology will post 14.87 earnings per share for the current year.

Spotify Technology News Summary

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify said it will adopt Apple’s HLS video technology for podcasts, a move that should make it easier for creators to distribute and monetize video podcasts across platforms, including Apple Podcasts. That could broaden Spotify-hosted content’s reach and support engagement with creators. TechCrunch article
• Positive Sentiment: Related coverage from multiple outlets emphasized that Spotify’s hosting platforms are adopting Apple’s video podcast technology, reinforcing the idea that the company is improving creator tools and cross-platform publishing. MacRumors article
• Neutral Sentiment: Spotify also cut prices for its Premium Standard tier in India and discontinued Premium Lite there. The move could help subscriber growth in a key market, but it may also pressure average revenue per user, so the overall stock impact is unclear. Moneycontrol article
• Negative Sentiment: Pomerantz LLP announced an investigation into claims on behalf of Spotify investors, adding a potential legal and headline-risk overhang that can weigh on sentiment. PR Newswire article

Insider Buying and Selling at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the completion of the sale, the chief executive officer owned 20,492 shares in the company, valued at $8,826,314.24. This trade represents a 50.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 47,102 shares of company stock valued at $21,444,648 in the last 90 days. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price objective on Spotify Technology from $700.00 to $600.00 and set an “overweight” rating for the company in a research note 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, May 9th. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price for the company in a report on Thursday, February 26th. The Goldman Sachs Group dropped their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Pivotal Research dropped their price objective on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $645.77.

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.