AMI Asset Management Corp Acquires 59,591 Shares of Spotify Technology $SPOT

Key Points

• AMI Asset Management Corp increased its Spotify stake by 230.7% in the first quarter, buying 59,591 additional shares and bringing its total to 85,418 shares valued at about $41.4 million.
• Spotify received mostly positive analyst coverage, with several firms raising price targets; the stock currently has a Moderate Buy consensus and an average target price of $641.83.
• Recent insider selling was notable, including director sales by Christopher P. Marshall and Thomas O. Staggs, while Spotify’s latest earnings beat estimates with $4.04 EPS on $5.25 billion in revenue.

AMI Asset Management Corp grew its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 230.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 85,418 shares of the company's stock after purchasing an additional 59,591 shares during the quarter. Spotify Technology comprises about 2.6% of AMI Asset Management Corp's portfolio, making the stock its 17th biggest holding. AMI Asset Management Corp's holdings in Spotify Technology were worth $41,420,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Quadcap Wealth Management LLC increased its stake in shares of Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company's stock worth $206,000 after purchasing an additional 16 shares during the last quarter. Sagespring Wealth Partners LLC lifted its stake in Spotify Technology by 2.9% in the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company's stock valued at $370,000 after purchasing an additional 18 shares during the last quarter. Aprio Wealth Management LLC grew its holdings in Spotify Technology by 3.1% during the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company's stock worth $442,000 after purchasing an additional 19 shares during the period. Modern Wealth Management LLC grew its holdings in Spotify Technology by 7.4% during the third quarter. Modern Wealth Management LLC now owns 289 shares of the company's stock worth $202,000 after purchasing an additional 20 shares during the period. Finally, Objectivity Squared LLC increased its position in Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company's stock worth $1,499,000 after buying an additional 20 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SPOT shares. Guggenheim dropped their price objective on shares of Spotify Technology from $600.00 to $565.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Citizens Jmp upped their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a "market outperform" rating in a report on Friday, May 22nd. Rosenblatt Securities boosted their target price on Spotify Technology from $500.00 to $534.00 and gave the stock a "neutral" rating in a research note on Friday, May 22nd. Daiwa Securities Group assumed coverage on shares of Spotify Technology in a report on Thursday, March 26th. They set an "outperform" rating and a $535.00 price target on the stock. Finally, Barclays upped their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $641.83.

Insiders Place Their Bets

In related news, Director Christopher P. Marshall sold 2,650 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares of the company's stock, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director directly owned 3,619 shares of the company's stock, valued at approximately $1,903,594. This represents a 60.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 111,442 shares of company stock valued at $54,647,508. Company insiders own 0.40% of the company's stock.

Spotify Technology Trading Up 0.2%

NYSE SPOT opened at $461.07 on Tuesday. The company has a market cap of $94.92 billion, a P/E ratio of 36.74, a PEG ratio of 1.12 and a beta of 1.56. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $778.33. The company has a fifty day simple moving average of $475.02 and a 200 day simple moving average of $501.24.

Spotify Technology (NYSE:SPOT - Get Free Report) 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. The company 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%.Spotify Technology's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.07 earnings per share. Sell-side analysts predict that Spotify Technology will post 14.68 EPS for the current year.

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.

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