TD Asset Management Inc Has $112.45 Million Position in Spotify Technology $SPOT

Key Points

• TD Asset Management cut its Spotify stake by 21.1% in the fourth quarter, but still held 193,649 shares worth about $112.45 million as of its latest filing.
• Spotify reported better-than-expected quarterly results, posting EPS of $4.04 versus estimates of $3.41 and revenue of $5.25 billion, up 8.2% from a year earlier.
• Despite the strong earnings, insider selling has continued, including a large sale by Director Sven Hans Martin Lorentzon, while analysts remain broadly positive with a Moderate Buy consensus and an average target price of $655.92.

TD Asset Management Inc reduced its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 21.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 193,649 shares of the company's stock after selling 51,811 shares during the period. TD Asset Management Inc owned approximately 0.09% of Spotify Technology worth $112,454,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in SPOT. KERR FINANCIAL PLANNING Corp acquired a new stake in Spotify Technology during the 3rd quarter worth approximately $26,000. Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology during the 4th quarter worth approximately $35,000. JPL Wealth Management LLC acquired a new stake in Spotify Technology during the 3rd quarter worth approximately $35,000. Kozak & Associates Inc. lifted its holdings in Spotify Technology by 1,700.0% during the 4th quarter. Kozak & Associates Inc. now owns 72 shares of the company's stock worth $39,000 after purchasing an additional 68 shares during the last quarter. Finally, Eastern Bank lifted its holdings in Spotify Technology by 110.5% during the 4th quarter. Eastern Bank now owns 80 shares of the company's stock worth $46,000 after purchasing an additional 42 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the transaction, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the transaction, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is owned by company insiders.

Trending Headlines about Spotify Technology

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 Stock Performance

Shares of SPOT opened at $492.50 on Friday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The business's fifty day moving average is $480.53 and its 200-day moving average is $515.21. The firm has a market cap of $101.40 billion, a price-to-earnings ratio of 39.24, a PEG ratio of 1.19 and a beta of 1.56.

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, beating the consensus estimate 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 analyst estimates of $5.23 billion. During the same quarter last year, the company posted $1.07 EPS. The company's revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, research analysts forecast that Spotify Technology will post 14.72 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on SPOT shares. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Rosenblatt Securities lifted their price target on Spotify Technology from $500.00 to $534.00 and gave the stock a "neutral" rating in a report on Friday, May 22nd. Guggenheim dropped their price target on Spotify Technology from $600.00 to $565.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. The Goldman Sachs Group dropped their price target on Spotify Technology from $670.00 to $600.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Finally, Benchmark dropped their price target on Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average target price of $655.92.

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.

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