CIBC Asset Management Inc Acquires 8,510 Shares of Spotify Technology $SPOT

Key Points

• CIBC Asset Management increased its Spotify stake by 32.7% in the fourth quarter, buying 8,510 additional shares and bringing its total to 34,508 shares worth about $20.0 million.
• Spotify continues to attract strong institutional interest, with 84.09% of the stock owned by institutions, though some insiders have been selling shares recently.
• Analysts remain broadly positive on Spotify, with a Moderate Buy consensus and an average price target of $655.92, even as some firms recently adjusted their targets. The company also reported better-than-expected quarterly earnings, including $4.04 EPS versus the $3.41 estimate.

CIBC Asset Management Inc lifted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 32.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 34,508 shares of the company's stock after purchasing an additional 8,510 shares during the quarter. CIBC Asset Management Inc's holdings in Spotify Technology were worth $20,039,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Quadcap Wealth Management LLC raised its holdings in 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 buying an additional 16 shares during the period. Sagespring Wealth Partners LLC boosted its holdings in shares of Spotify Technology by 2.9% in the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company's stock valued at $370,000 after buying an additional 18 shares during the period. Ameritas Advisory Services LLC increased its position in shares of Spotify Technology by 7.9% during the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company's stock worth $181,000 after acquiring an additional 19 shares in the last quarter. Aprio Wealth Management LLC increased its position in shares of 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 acquiring an additional 19 shares in the last quarter. Finally, Petra Financial Advisors Inc. raised its holdings in shares of Spotify Technology by 1.2% during the third quarter. Petra Financial Advisors Inc. now owns 1,639 shares of the company's stock worth $1,144,000 after acquiring an additional 20 shares during the period. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

SPOT has been the topic of several research reports. Rosenblatt Securities boosted their price objective on shares of Spotify Technology from $500.00 to $534.00 and gave the company a "neutral" rating in a research report on Friday, May 22nd. Cantor Fitzgerald increased their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a report on Tuesday, May 26th. Barclays lifted their price target on Spotify Technology from $500.00 to $565.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. The Goldman Sachs Group reduced 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. Finally, Guggenheim decreased their price objective on Spotify Technology from $600.00 to $565.00 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-one have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $655.92.

Insider Activity

In related news, Director Thomas O. Staggs sold 5,477 shares of the 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the transaction, the director owned 6,383 shares of the company's stock, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 111,442 shares of company stock valued at $54,647,508. Corporate insiders own 0.40% of the company's stock.

Spotify Technology News Roundup

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify is expanding its strategy in Asia, with a report that it is targeting Korea using AI-driven hyper-personalization. That suggests continued investment in product innovation and international growth, which investors may view favorably. Spotify targets Korea with AI hyper-personalization
• Positive Sentiment: Several reports highlighted strong underlying fundamentals after Spotify’s latest earnings, including premium subscriber growth, improved free cash flow, and rising operating income. Those results continue to support the stock’s longer-term bull case. Spotify Stock Will Trade at This Price In a Year
• Neutral Sentiment: Analyst sentiment remains supportive overall, with Spotify carrying a “Moderate Buy” consensus rating. However, some firms recently trimmed price targets, indicating expectations are still high and valuation remains a point of debate. Spotify Technology NYSE: SPOT Given Consensus Recommendation of "Moderate Buy" by Analysts
• Negative Sentiment: CEO Gustav Soderstrom sold about $10.3 million of Spotify stock, continuing a recent pattern of insider selling. While insider sales do not always signal trouble, they can weigh on sentiment if investors worry management sees less upside near current levels. Spotify Technology NYSE: SPOT CEO Sells $10,344,001.16 in Stock

Spotify Technology Trading Up 1.0%

Shares of SPOT stock opened at $492.50 on Friday. The firm's fifty day moving average price is $480.53 and its two-hundred day moving average price is $515.21. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The firm has a market capitalization of $101.40 billion, a P/E ratio of 39.24, a PEG ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company's quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 EPS. As a group, equities research analysts forecast that Spotify Technology will post 14.72 EPS for the current fiscal year.

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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