1,291 Shares in Spotify Technology $SPOT Acquired by 111 Capital

111 Capital bought a new position in shares of Spotify Technology (NYSE:SPOT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,291 shares of the company’s stock, valued at approximately $750,000.

Other hedge funds have also added to or reduced their stakes in the company. Quadcap Wealth Management LLC increased its stake in shares of Spotify Technology by 5.7% in the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after acquiring an additional 16 shares in the last quarter. Sagespring Wealth Partners LLC increased its stake in Spotify Technology by 2.9% during the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after purchasing an additional 18 shares in the last quarter. Ameritas Advisory Services LLC increased its stake in Spotify Technology by 7.9% during the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock valued at $181,000 after purchasing an additional 19 shares in the last quarter. Aprio Wealth Management LLC increased its stake in Spotify Technology by 3.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after purchasing an additional 19 shares in the last quarter. Finally, Petra Financial Advisors Inc. increased its stake in Spotify Technology by 1.2% during the 3rd quarter. Petra Financial Advisors Inc. now owns 1,639 shares of the company’s stock valued at $1,144,000 after purchasing an additional 20 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Daiwa Securities Group assumed coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target for the company. Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Finally, 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. 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $655.92.

Insider Buying and Selling

In related news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction dated 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 approximately $33,560,425.39. The trade was a 7.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $2,880,902.00. Following the completion of the transaction, the director directly owned 3,619 shares in the company, valued at $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 111,442 shares of company stock worth $54,647,508 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $497.19 on Friday. The company’s 50-day moving average is $481.01 and its 200 day moving average is $515.08. The company has a market capitalization of $102.36 billion, a P/E ratio of 39.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 EPS. As a group, research analysts predict that Spotify Technology will post 14.72 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.