Spotify Technology $SPOT Shares Acquired by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp boosted its stake in shares of Spotify Technology (NYSE:SPOT) by 29.8% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,493 shares of the company’s stock after purchasing an additional 4,705 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Spotify Technology were worth $11,900,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp increased its stake in shares of Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after purchasing an additional 89,951 shares during the period. Capital World Investors boosted its stake in Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after purchasing an additional 133,108 shares during the period. Fisher Asset Management LLC boosted its position in shares of Spotify Technology by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after buying an additional 62,887 shares during the period. Coatue Management LLC grew its holdings in shares of Spotify Technology by 13.3% during the third quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock valued at $1,258,615,000 after buying an additional 212,006 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Spotify Technology by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company’s stock worth $991,223,000 after acquiring an additional 93,274 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

SPOT has been the topic of a number of research reports. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Citizens Jmp upped 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. UBS Group lowered their price objective on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Morgan Stanley boosted their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $652.16.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $479.38 on Tuesday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The firm has a market capitalization of $98.69 billion, a PE ratio of 38.20, a price-to-earnings-growth ratio of 1.18 and a beta of 1.56. The company’s fifty day moving average price is $482.58 and its two-hundred day moving average price is $509.61.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (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 during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the prior year, the company posted $1.07 EPS. The business’s revenue was up 8.2% on a year-over-year basis. Analysts predict that Spotify Technology will post 14.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction dated 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 transaction, the chief executive officer owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the company’s stock in a transaction dated 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 directly owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 111,442 shares of company stock valued at $54,647,508 over the last quarter. Company insiders own 0.40% of the company’s stock.

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.