Commerzbank Aktiengesellschaft FI Purchases New Stake in Spotify Technology $SPOT

Commerzbank Aktiengesellschaft FI acquired a new position in shares of Spotify Technology (NYSE:SPOT) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 5,953 shares of the company’s stock, valued at approximately $2,733,000.

Several other hedge funds have also added to or reduced their stakes in SPOT. Quadcap Wealth Management LLC boosted its stake in Spotify Technology by 5.7% in the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after acquiring an additional 16 shares during the last quarter. Objectivity Squared LLC increased its stake in shares of Spotify Technology by 0.8% during the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares during the last quarter. Condor Capital Management raised its holdings in shares of Spotify Technology by 2.6% in the 4th quarter. Condor Capital Management now owns 990 shares of the company’s stock worth $575,000 after purchasing an additional 25 shares during the period. Carl P. Sherr & Co. LLC raised its holdings in shares of Spotify Technology by 0.7% in the 1st quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company’s stock worth $2,007,000 after purchasing an additional 27 shares during the period. Finally, Legacy Advisors LLC lifted its stake in Spotify Technology by 1.1% in the fourth quarter. Legacy Advisors LLC now owns 2,622 shares of the company’s stock valued at $1,523,000 after purchasing an additional 28 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Insider Activity at Spotify Technology

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction dated 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 $2,099,714.54. This trade represents a 39.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $502.10, for a total value of $2,729,415.60. Following the transaction, the chief executive officer directly owned 66,773 shares of the company’s stock, valued at $33,526,723.30. The trade was a 7.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 116,878 shares of company stock worth $59,081,110 in the last 90 days. 0.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. UBS Group reduced their price objective on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a report on Friday, July 10th. Cantor Fitzgerald boosted their target price on Spotify Technology from $510.00 to $530.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Morgan Stanley upped their price target on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Argus reiterated a “buy” rating and set a $600.00 price target on shares of Spotify Technology in a research note on Thursday, August 13th. Finally, Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $609.05.

Spotify Technology Price Performance

Shares of SPOT stock opened at $491.05 on Tuesday. The company’s fifty day simple moving average is $483.26 and its two-hundred day simple moving average is $484.68. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $745.00. The stock has a market capitalization of $101.10 billion, a price-to-earnings ratio of 30.58, a PEG ratio of 1.26 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, August 4th. The company reported $2.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.18). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The company had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.47 billion. During the same quarter in the prior year, the company earned ($0.42) EPS. The company’s revenue was up 13.9% on a year-over-year basis. Equities research analysts anticipate that Spotify Technology will post 14.3 EPS for the current year.

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.