Cibc World Market Inc. Raises Holdings in Spotify Technology $SPOT

Cibc World Market Inc. grew its position in shares of Spotify Technology (NYSE:SPOT) by 77.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 6,818 shares of the company’s stock after buying an additional 2,983 shares during the quarter. Cibc World Market Inc.’s holdings in Spotify Technology were worth $3,959,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Quadcap Wealth Management LLC grew its holdings in shares of Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after purchasing an additional 16 shares during the last quarter. Sagespring Wealth Partners LLC grew its holdings in shares of Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after purchasing an additional 18 shares during the last quarter. Ameritas Advisory Services LLC grew its holdings in shares of Spotify Technology by 7.9% during the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock worth $181,000 after purchasing an additional 19 shares during the last quarter. Aprio Wealth Management LLC grew its holdings in shares of Spotify Technology by 3.1% during the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock worth $442,000 after purchasing an additional 19 shares during the last quarter. Finally, Petra Financial Advisors Inc. grew its holdings in shares of Spotify Technology by 1.2% during the third quarter. Petra Financial Advisors Inc. now owns 1,639 shares of the company’s stock worth $1,144,000 after purchasing an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT opened at $503.57 on Tuesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The company has a market capitalization of $103.67 billion, a price-to-earnings ratio of 40.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.56. The firm has a 50-day simple moving average of $481.52 and a 200-day simple moving average of $513.25.

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Canaccord Genuity Group dropped their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. The Goldman Sachs Group decreased their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. KeyCorp decreased their target price on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Rosenblatt Securities increased their target price on shares of Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research note on Friday, May 22nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $655.92.

Insider Transactions at Spotify Technology

In related news, CEO Alex Norstrom sold 5,436 shares of the firm’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 completion of the sale, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 111,442 shares of company stock valued at $54,647,508 over the last 90 days. Insiders own 0.40% of the company’s stock.

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.