Totem Point Management LLC Has $11.81 Million Stock Position in Spotify Technology $SPOT

Key Points

• Totem Point Management LLC increased its Spotify stake by 39.6% in the fourth quarter, ending with 20,336 shares valued at about $11.81 million. Spotify is now the fund’s largest position, making up roughly 11.8% of its portfolio.
• Spotify reported a strong quarter, with earnings per share of $4.04 versus the $3.41 estimate and revenue of $5.25 billion, up 8.2% year over year. Analysts now expect the company to post 14.71 EPS for the current year.
• Institutional ownership remains high at 84.09%, while insiders have been selling shares, including CEO Alex Norstrom and Director Sven Hans Martin Lorentzon. Wall Street’s view is still mostly positive, with a Moderate Buy consensus and an average price target of $652.16.

Totem Point Management LLC lifted its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 39.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,336 shares of the company's stock after acquiring an additional 5,770 shares during the period. Spotify Technology makes up approximately 11.8% of Totem Point Management LLC's portfolio, making the stock its largest position. Totem Point Management LLC's holdings in Spotify Technology were worth $11,809,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SPOT. Sivia Capital Partners LLC bought a new stake in shares of Spotify Technology in the 2nd quarter worth about $312,000. Jump Financial LLC grew its position in Spotify Technology by 5.2% during the second quarter. Jump Financial LLC now owns 1,132 shares of the company's stock valued at $869,000 after buying an additional 56 shares during the period. Cary Street Partners Financial LLC purchased a new position in shares of Spotify Technology in the second quarter worth about $178,000. NewEdge Advisors LLC increased its position in shares of Spotify Technology by 36.9% during the second quarter. NewEdge Advisors LLC now owns 12,650 shares of the company's stock valued at $9,707,000 after acquiring an additional 3,412 shares during the last quarter. Finally, Glenview Trust co purchased a new position in Spotify Technology in the second quarter worth approximately $298,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $470.81 on Wednesday. The firm has a market cap of $96.93 billion, a price-to-earnings ratio of 37.51, a P/E/G ratio of 1.17 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The stock has a 50-day simple moving average of $482.23 and a 200-day simple moving average of $508.74.

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 (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 business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the company earned $1.07 EPS. The firm's revenue was up 8.2% on a year-over-year basis. As a group, equities research analysts predict that Spotify Technology will post 14.71 earnings per share for the current year.

Insider Activity at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the company's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. The trade was a 7.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business's stock in a transaction that occurred 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 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. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent analyst reports. Pivotal Research lowered their price target on shares of Spotify Technology from $420.00 to $400.00 and set a "hold" rating on the stock in a research note on Wednesday, April 29th. Barclays lifted their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Rosenblatt Securities lifted their price objective on shares of Spotify Technology from $500.00 to $534.00 and gave the stock a "neutral" rating in a report on Friday, May 22nd. KeyCorp cut their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 29th. Finally, Citizens Jmp boosted their price target on shares of 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 investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and an average price target of $652.16.

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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