Spotify Technology $SPOT Shares Bought by Cibc World Market Inc.

Key Points

• Cibc World Market Inc. increased its Spotify Technology stake by 77.8% in the fourth quarter, holding 6,818 shares valued at about $3.96 million.
• Institutional interest in Spotify remains strong, with major investors like Norges Bank, Capital World Investors, and Swedbank AB all adding positions; about 84.09% of the stock is owned by institutions and hedge funds.
• Analysts are broadly positive on SPOT, with a consensus Moderate Buy rating and an average price target of $655.92, even as some firms recently adjusted targets and ratings.

Cibc World Market Inc. grew its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 77.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,818 shares of the company's stock after purchasing an additional 2,983 shares during the period. Cibc World Market Inc.'s holdings in Spotify Technology were worth $3,959,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Spotify Technology during the fourth quarter worth $711,460,000. Capital World Investors increased its position in shares of Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company's stock worth $1,906,260,000 after acquiring an additional 789,755 shares during the period. Capital Research Global Investors purchased a new stake in shares of Spotify Technology during the third quarter worth $512,190,000. National Pension Service purchased a new stake in shares of Spotify Technology during the fourth quarter worth $316,278,000. Finally, Swedbank AB increased its position in shares of Spotify Technology by 37.9% during the fourth quarter. Swedbank AB now owns 1,616,321 shares of the company's stock worth $938,614,000 after acquiring an additional 444,162 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent research reports. Morgan Stanley upped their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Pivotal Research cut their price objective on Spotify Technology from $420.00 to $400.00 and set a "hold" rating on the stock in a research report on Wednesday, April 29th. Daiwa Securities Group initiated coverage on Spotify Technology in a research report on Thursday, March 26th. They set an "outperform" rating and a $535.00 price objective on the stock. Benchmark cut their price objective 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. Finally, Citizens Jmp upped their price objective 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. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $655.92.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the firm's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total value of $10,344,001.16. Following the sale, the chief executive officer directly owned 20,376 shares in the company, valued at $10,117,091.52. This trade 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 at this hyperlink. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm's stock in a transaction 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 sale, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock valued at $54,647,508 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Spotify Technology Price Performance

Spotify Technology stock opened at $503.57 on Tuesday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The stock has a market cap of $103.67 billion, a PE ratio of 40.12, a P/E/G ratio of 1.21 and a beta of 1.56. The stock's fifty day moving average is $481.52 and its two-hundred day moving average is $513.25.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating 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 company had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.23 billion. During the same period last year, the firm earned $1.07 earnings per share. Spotify Technology's quarterly revenue was up 8.2% on a year-over-year basis. On average, research analysts expect that Spotify Technology will post 14.72 earnings per share 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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