Taikang Asset Management Hong Kong Co Ltd Acquires 6,188 Shares of Spotify Technology $SPOT

Key Points

• Taikang Asset Management Hong Kong boosted its Spotify stake by 57.7% in the fourth quarter, buying 6,188 additional shares and bringing its total holding to 16,918 shares valued at about $9.8 million.
• Spotify’s latest quarterly results beat expectations, with EPS of $4.04 versus the $3.41 consensus and revenue of $5.25 billion, up 8.2% year over year.
• Analysts remain broadly positive on SPOT despite some price-target cuts, with a consensus rating of “Moderate Buy” and an average target price of $652.16.

Taikang Asset Management Hong Kong Co Ltd lifted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 57.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,918 shares of the company's stock after purchasing an additional 6,188 shares during the quarter. Taikang Asset Management Hong Kong Co Ltd's holdings in Spotify Technology were worth $9,824,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Quadcap Wealth Management LLC lifted its position in Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company's stock valued at $206,000 after purchasing an additional 16 shares during the last quarter. Sagespring Wealth Partners LLC grew 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 worth $370,000 after buying an additional 18 shares in the last quarter. Ameritas Advisory Services LLC increased its holdings in shares of Spotify Technology by 7.9% in the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company's stock worth $181,000 after buying an additional 19 shares during the last quarter. Aprio Wealth Management LLC increased its holdings in shares of Spotify Technology by 3.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company's stock worth $442,000 after buying an additional 19 shares during the last quarter. Finally, Modern Wealth Management LLC raised its position in shares of Spotify Technology by 7.4% during the 3rd quarter. Modern Wealth Management LLC now owns 289 shares of the company's stock valued at $202,000 after buying an additional 20 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SPOT. Guggenheim dropped their price objective on shares of Spotify Technology from $600.00 to $565.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Pivotal Research lowered their price target 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. KeyCorp dropped their price target 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. Cantor Fitzgerald upped 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. Finally, Canaccord Genuity Group reduced their price objective on Spotify Technology from $750.00 to $720.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $652.16.

Insider Transactions at Spotify Technology

In other news, Director Thomas O. Staggs sold 5,477 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares of the company's stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16. Following the sale, the chief executive officer owned 20,609 shares of the company's stock, valued at $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is currently owned by corporate insiders.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $470.81 on Wednesday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The company has a fifty day moving average of $482.23 and a 200-day moving average of $508.74. The stock has a market capitalization of $96.93 billion, a price-to-earnings ratio of 37.51, a price-to-earnings-growth ratio of 1.17 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.23 billion. During the same quarter last year, the company earned $1.07 EPS. The firm's revenue was up 8.2% compared to the same quarter last year. On average, equities research analysts forecast that Spotify Technology will post 14.71 earnings per share for the current fiscal 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.

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.