OMERS ADMINISTRATION Corp Has $16.13 Million Position in Spotify Technology $SPOT

Key Points

• OMERS Administration Corp increased its Spotify stake by 62.4% in the first quarter, ending with 33,272 shares worth about $16.13 million.
• Spotify reported better-than-expected quarterly results, with earnings of $4.04 per share on revenue of $5.25 billion, and revenue rose 8.2% year over year.
• Wall Street remains broadly positive on Spotify, with a consensus rating of Moderate Buy and an average target price of $630.70, though some analysts recently trimmed or adjusted their targets.

OMERS ADMINISTRATION Corp boosted its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 62.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,272 shares of the company's stock after purchasing an additional 12,779 shares during the period. OMERS ADMINISTRATION Corp's holdings in Spotify Technology were worth $16,134,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Tiger Global Management LLC grew its holdings in shares of Spotify Technology by 25.3% during the 1st quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company's stock valued at $766,527,000 after acquiring an additional 319,300 shares in the last quarter. Lombard Odier Asset Management Switzerland SA acquired a new stake in Spotify Technology during the first quarter valued at $5,047,000. Lombard Odier Asset Management Europe Ltd acquired a new stake in Spotify Technology during the first quarter valued at $7,833,000. Lombard Odier Asset Management USA Corp purchased a new position in Spotify Technology in the first quarter valued at about $1,297,000. Finally, Waverly Advisors LLC grew its stake in Spotify Technology by 6.3% in the first quarter. Waverly Advisors LLC now owns 841 shares of the company's stock valued at $408,000 after purchasing an additional 50 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Price Performance

Spotify Technology stock opened at $483.27 on Friday. Spotify Technology has a one year low of $405.00 and a one year high of $748.30. The company's fifty day moving average price is $481.62 and its two-hundred day moving average price is $488.36. The company has a market capitalization of $99.49 billion, a price-to-earnings ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share 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 analysts' expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business's quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 earnings per share. As a group, sell-side analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current year.

Key Spotify Technology News

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

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street's Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology NYSE: SPOT Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Citizens Jmp upped their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a "market outperform" rating in a research report on Friday, May 22nd. Benchmark lowered their price target on Spotify Technology from $695.00 to $650.00 and set a "buy" rating for the company in a research note on Wednesday. Cantor Fitzgerald increased their price objective on Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a report on Tuesday, May 26th. Barclays raised their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Finally, Morgan Stanley lifted their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $630.70.

Insiders Place Their Bets

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the sale, the chief executive officer owned 20,492 shares of the company's stock, valued at $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the transaction, the director owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock worth $54,757,553 in the last three months. 0.40% of the stock is 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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