3,512 Shares in Spotify Technology $SPOT Purchased by Value Partners Investments Inc.

Key Points

• Value Partners Investments initiated a new position in Spotify Technology during the first quarter, buying 3,512 shares worth about $1.7 million.
• Spotify stock was up 4.4% and opened at $460.74, with a market cap of nearly $94.9 billion. It remains well below its 52-week high of $785.
• The company’s latest earnings topped expectations, with EPS of $4.04 versus a $3.41 estimate and revenue of $5.25 billion. Analysts remain broadly positive, with a consensus rating of Moderate Buy and a price target of $641.83.

Value Partners Investments Inc. bought a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,512 shares of the company's stock, valued at approximately $1,701,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Sivia Capital Partners LLC purchased a new position in Spotify Technology during the 2nd quarter valued at about $312,000. Jump Financial LLC raised its position in shares of Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company's stock worth $869,000 after purchasing an additional 56 shares during the last quarter. Cary Street Partners Financial LLC acquired a new position in shares of Spotify Technology during the 2nd quarter worth approximately $178,000. NewEdge Advisors LLC lifted its stake in Spotify Technology by 36.9% in the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company's stock valued at $9,707,000 after buying an additional 3,412 shares in the last quarter. Finally, Glenview Trust co purchased a new stake in shares of Spotify Technology in the second quarter valued at $298,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Trading Up 4.4%

Shares of Spotify Technology stock opened at $460.74 on Friday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The stock has a market cap of $94.86 billion, a price-to-earnings ratio of 36.71, a price-to-earnings-growth ratio of 1.08 and a beta of 1.56. The company has a fifty day moving average price of $476.44 and a 200 day moving average price of $502.64.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 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 last year, the company posted $1.07 earnings per share. The firm's revenue was up 8.2% compared to the same quarter last year. Analysts forecast that Spotify Technology will post 14.68 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the subject of several recent analyst reports. Benchmark lowered their target price on shares of Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Weiss Ratings lowered Spotify Technology from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday. JPMorgan Chase & Co. increased their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Pivotal Research decreased their price target on Spotify Technology from $420.00 to $400.00 and set a "hold" rating on the stock in a research note on Wednesday, April 29th. Finally, Canaccord Genuity Group lowered their price target on Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $641.83.

Insider Buying and Selling at Spotify Technology

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director owned 6,383 shares in the company, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the transaction, the director directly owned 3,619 shares in the company, valued at approximately $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 111,442 shares of company stock worth $54,647,508. Insiders own 0.40% of the company's stock.

About Spotify Technology

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.

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