Zurcher Kantonalbank Zurich Cantonalbank Purchases 8,805 Shares of Spotify Technology $SPOT

Key Points

• Zurcher Kantonalbank increased its stake in Spotify by 8.3%, buying 8,805 shares to hold 115,303 shares (about 0.06% of the company) worth roughly $66.96 million per its latest Form 13F filing.
• Company insiders pared holdings: CEO Alex Norstrom sold 5,436 shares at an average $479.51 (a 7.21% reduction) and Gustav Soderstrom sold 20,833 shares at $473.52 (a 50.27% reduction), leaving insiders with about 0.40% ownership.
• Analysts maintain a consensus "Moderate Buy" on Spotify with a $691.21 price target amid mixed downgrades and upgrades, while the company recently beat expectations with Q4 EPS of $5.16 (vs. $3.16 est.) and revenue of $5.32 billion (vs. $5.14B est.).

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 8.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 115,303 shares of the company's stock after buying an additional 8,805 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.06% of Spotify Technology worth $66,958,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Exane Asset Management boosted its position in shares of Spotify Technology by 8.9% during the 4th quarter. Exane Asset Management now owns 10,956 shares of the company's stock valued at $6,362,000 after acquiring an additional 900 shares during the last quarter. Bayforest Capital Ltd bought a new position in Spotify Technology during the fourth quarter valued at approximately $270,000. First Horizon Corp grew its holdings in shares of Spotify Technology by 197.0% during the 4th quarter. First Horizon Corp now owns 591 shares of the company's stock valued at $343,000 after purchasing an additional 392 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its stake in Spotify Technology by 4.1% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,472 shares of the company's stock worth $3,178,000 after purchasing an additional 218 shares during the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in Spotify Technology in the fourth quarter worth $499,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total value of $2,606,616.36. Following the sale, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the completion of the sale, the chief executive officer owned 20,609 shares in the company, valued at approximately $9,758,773.68. This trade represents a 50.27% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent research reports. Benchmark reduced their price objective on Spotify Technology from $860.00 to $760.00 and set a "buy" rating on the stock in a research note on Friday, January 16th. Arete Research raised Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 target price for the company in a research note on Thursday, February 26th. Guggenheim dropped their target price on Spotify Technology from $720.00 to $600.00 and set a "buy" rating for the company in a report on Tuesday, February 24th. Cantor Fitzgerald reduced their price target on Spotify Technology from $615.00 to $525.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 11th. Finally, Pivotal Research downgraded Spotify Technology from a "buy" rating to a "hold" rating and lowered their price objective for the company from $875.00 to $420.00 in a research report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $691.21.

Spotify Technology Trading Up 0.1%

Shares of NYSE:SPOT opened at $536.99 on Tuesday. The company has a market cap of $110.56 billion, a price-to-earnings ratio of 55.70, a price-to-earnings-growth ratio of 1.18 and a beta of 1.70. The company has a 50-day moving average price of $496.86 and a 200-day moving average price of $555.97. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Wednesday, February 11th. The company reported $5.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $5.14 billion. During the same period last year, the firm earned $1.88 earnings per share. Spotify Technology's quarterly revenue was up 6.8% on a year-over-year basis. As a group, research analysts forecast that Spotify Technology will post 15.55 EPS for the current fiscal year.

About Spotify Technology

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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