Virtu Financial LLC Makes New $3.58 Million Investment in Spotify Technology $SPOT

Key Points

• Virtu Financial LLC opened a new position in Spotify Technology during the fourth quarter, buying 6,160 shares worth about $3.58 million.
• Institutional interest in Spotify remains high, with hedge funds and other investors owning 84.09% of the stock. Several firms also recently added to or initiated positions in the company.
• Analysts remain constructive on Spotify overall: the stock carries a Moderate Buy rating with an average price target of $652.16, while the company recently beat quarterly EPS and revenue estimates.

Virtu Financial LLC acquired a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,160 shares of the company's stock, valued at approximately $3,577,000.

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

Insider Buying and Selling

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alex Norstrom sold 5,436 shares of the firm's 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 transaction, the chief executive officer directly owned 69,989 shares of the company's stock, valued at $33,560,425.39. This represents a 7.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock valued at $54,647,508 over the last 90 days. 0.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SPOT shares. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Cantor Fitzgerald raised their price target on Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 26th. Daiwa Securities Group started coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an "outperform" rating and a $535.00 price target on the stock. Citizens Jmp boosted their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research report on Friday, May 22nd. Finally, The Goldman Sachs Group decreased their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and an average target price of $652.16.

Spotify Technology Stock Performance

SPOT stock opened at $468.74 on Friday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The business's 50 day moving average price is $481.41 and its two-hundred day moving average price is $506.85. The company has a market capitalization of $96.50 billion, a price-to-earnings ratio of 37.35, a price-to-earnings-growth ratio of 1.11 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business's revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.07 EPS. Sell-side analysts forecast that Spotify Technology will post 14.68 earnings per share for the current 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.

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.