Value Partners Investments Inc. Acquires Shares of 3,512 Spotify Technology $SPOT

Value Partners Investments Inc. bought a new stake in Spotify Technology (NYSE:SPOT) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 3,512 shares of the company’s stock, valued at approximately $1,701,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Principal Financial Group Inc. raised its stake in Spotify Technology by 12.9% during the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock valued at $374,672,000 after buying an additional 73,722 shares in the last quarter. City Holding Co. increased its holdings in shares of Spotify Technology by 2,515.9% in the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock valued at $3,251,000 after acquiring an additional 5,384 shares during the last quarter. ARK Investment Management LLC increased its holdings in shares of Spotify Technology by 8.2% in the 3rd quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock valued at $56,039,000 after acquiring an additional 6,100 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Spotify Technology by 4.6% during the 3rd quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after acquiring an additional 113,612 shares in the last quarter. Finally, CI Investments Inc. raised its holdings in shares of Spotify Technology by 101.3% during the third quarter. CI Investments Inc. now owns 101,829 shares of the company’s stock worth $71,077,000 after purchasing an additional 51,247 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the transaction, the chief executive officer owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the sale, the director owned 4,039 shares in the company, valued at $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 111,442 shares of company stock valued at $54,647,508. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

SPOT opened at $460.74 on Friday. The stock’s 50 day moving average price is $476.44 and its 200 day moving average price is $502.64. The stock has a market cap of $94.86 billion, a P/E ratio of 36.71, a P/E/G ratio of 1.08 and a beta of 1.56. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the previous year, the firm posted $1.07 EPS. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. Equities analysts anticipate that Spotify Technology will post 14.68 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Barclays raised their price target on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. UBS Group decreased their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research note on Thursday, April 30th. Daiwa Securities Group assumed coverage on Spotify Technology in a report on Thursday, March 26th. They set an “outperform” rating and a $535.00 target price for the company. JPMorgan Chase & Co. increased their price target on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Finally, Benchmark cut their price target on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $641.83.

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.