Cvfg LLC Purchases Shares of 5,526 Spotify Technology $SPOT

Key Points

• Cvfg LLC opened a new position in Spotify Technology during the first quarter, buying 5,526 shares valued at about $2.68 million.
• Spotify reported better-than-expected quarterly results, with EPS of $4.04 versus estimates of $3.41 and revenue of $5.25 billion, up 8.2% year over year.
• Despite strong institutional ownership and solid analyst support, insiders have been selling shares, including CEO Gustav Soderstrom and Director Thomas O. Staggs, over the past 90 days.

Cvfg LLC acquired a new position in Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,526 shares of the company's stock, valued at approximately $2,680,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp boosted its holdings in Spotify Technology by 1.9% during the fourth quarter. State Street Corp now owns 4,712,249 shares of the company's stock worth $2,736,450,000 after buying an additional 89,951 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Spotify Technology by 4.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company's stock valued at $2,247,042,000 after buying an additional 149,479 shares in the last quarter. Capital World Investors increased its holdings in Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company's stock valued at $1,663,024,000 after buying an additional 133,108 shares in the last quarter. Fisher Asset Management LLC raised 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 acquiring an additional 62,887 shares during the period. Finally, Coatue Management LLC raised its position in shares of Spotify Technology by 35.9% in the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company's stock worth $1,423,251,000 after acquiring an additional 647,708 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $493.39 on Wednesday. The stock has a market capitalization of $101.58 billion, a P/E ratio of 39.31, a PEG ratio of 1.19 and a beta of 1.56. The business has a 50 day simple moving average of $469.54 and a two-hundred day simple moving average of $496.66. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the company posted $1.07 earnings per share. The business's revenue was up 8.2% on a year-over-year basis. As a group, research analysts anticipate that Spotify Technology will post 14.62 EPS for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the completion of the sale, the chief executive officer owned 20,376 shares of the company's stock, valued at $10,117,091.52. This represents a 50.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas O. Staggs sold 5,477 shares of the company'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 sale, the director directly owned 3,619 shares of the company's stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 85,173 shares of company stock worth $42,176,049. Company insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of analyst reports. Benchmark dropped their target price on Spotify Technology from $760.00 to $695.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Daiwa Securities Group assumed coverage on Spotify Technology in a research report on Thursday, March 26th. They set an "outperform" rating and a $535.00 price target on the stock. Wells Fargo & Company raised their price objective on Spotify Technology from $580.00 to $600.00 and gave the company an "overweight" rating in a report on Friday, May 22nd. Citizens Jmp boosted their price objective on Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research report on Friday, May 22nd. Finally, KeyCorp reduced their target price on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target of $641.83.

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.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.