IFM Investors Pty Ltd Raises Holdings in Spotify Technology $SPOT

IFM Investors Pty Ltd grew its holdings in Spotify Technology (NYSE:SPOT) by 6.1% in the first quarter, Holdings Channel reports. The firm owned 32,961 shares of the company’s stock after buying an additional 1,898 shares during the quarter. IFM Investors Pty Ltd’s holdings in Spotify Technology were worth $15,983,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPOT. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at about $26,000. Portus Wealth Advisors LLC bought a new position in shares of Spotify Technology in the first quarter worth about $32,000. Kemnay Advisory Services Inc. purchased a new position in Spotify Technology during the fourth quarter valued at approximately $32,000. Newbridge Financial Services Group Inc. bought a new position in Spotify Technology in the 4th quarter worth $35,000. Finally, Osbon Capital Management LLC purchased a new stake in shares of Spotify Technology during the fourth quarter worth about $35,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Up 2.6%

Shares of SPOT opened at $470.88 on Thursday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The company has a 50 day moving average of $472.17 and a two-hundred day moving average of $499.29. The company has a market cap of $96.94 billion, a price-to-earnings ratio of 37.52, a price-to-earnings-growth ratio of 1.13 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the company posted $1.07 EPS. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, sell-side analysts expect that Spotify Technology will post 14.64 EPS for the current year.

Insider Activity at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the completion of the transaction, the chief executive officer directly owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction dated Tuesday, May 26th. The stock was 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 $1,903,594. This represents a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 85,173 shares of company stock valued at $42,176,049 over the last three months. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SPOT. The Goldman Sachs Group cut their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Rosenblatt Securities increased their target price on shares of Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research note on Friday, May 22nd. Cantor Fitzgerald raised 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. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Finally, Daiwa Securities Group started coverage on Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $641.83.

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.