55,539 Shares in Spotify Technology $SPOT Purchased by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management opened a new position in Spotify Technology, buying 55,539 shares valued at about $32.3 million in the fourth quarter.
• Spotify’s latest quarterly results beat expectations, with EPS of $4.04 versus the $3.41 estimate and revenue of $5.25 billion, up 8.2% year over year.
• Wall Street remains broadly positive on the stock, with an average rating of “Moderate Buy” and an average target price of $645.77, though several analysts recently lowered price targets.

iA Global Asset Management Inc. bought a new position in Spotify Technology (NYSE:SPOT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 55,539 shares of the company's stock, valued at approximately $32,252,000.

Other large investors also recently modified their holdings of the company. Greykasell Wealth Strategies Inc. boosted its position in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology during the 3rd quarter valued at approximately $26,000. Westfuller Advisors LLC bought a new stake in Spotify Technology during the 3rd quarter valued at approximately $29,000. JPL Wealth Management LLC bought a new stake in Spotify Technology during the 3rd quarter valued at approximately $35,000. Finally, Chilton Capital Management LLC boosted its position in Spotify Technology by 183.3% during the 3rd quarter. Chilton Capital Management LLC now owns 51 shares of the company's stock valued at $36,000 after acquiring an additional 33 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Guggenheim cut their price objective on Spotify Technology from $600.00 to $565.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Arete Research upgraded 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. Weiss Ratings upgraded shares of Spotify Technology from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, May 4th. Cantor Fitzgerald lowered their target price on shares of Spotify Technology from $525.00 to $430.00 and set a "neutral" rating for the company in a report on Wednesday, April 29th. Finally, Canaccord Genuity Group lowered their target price on shares of Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average target price of $645.77.

Spotify Technology Trading Up 1.0%

SPOT stock opened at $436.74 on Friday. The stock has a market capitalization of $89.92 billion, a PE ratio of 34.80, a price-to-earnings-growth ratio of 1.05 and a beta of 1.55. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The stock's 50 day simple moving average is $487.47 and its 200 day simple moving average is $530.60.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm's quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.07 EPS. On average, research analysts predict that Spotify Technology will post 14.87 earnings per share for the current year.

More Spotify Technology News

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 Activity at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the transaction, the chief executive officer directly owned 20,609 shares of the company's stock, valued at approximately $9,758,773.68. This represents a 50.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 47,102 shares of company stock worth $21,444,648 over the last ninety days. 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.

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