Fiera Capital Corp Has $13.70 Million Position in Spotify Technology $SPOT

Fiera Capital Corp boosted its position in shares of Spotify Technology (NYSE:SPOT) by 99.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,584 shares of the company’s stock after purchasing an additional 11,749 shares during the quarter. Fiera Capital Corp’s holdings in Spotify Technology were worth $13,695,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. KERR FINANCIAL PLANNING Corp acquired a new position in Spotify Technology during the third quarter valued at approximately $26,000. Newbridge Financial Services Group Inc. acquired a new position in Spotify Technology during the fourth quarter valued at approximately $35,000. JPL Wealth Management LLC acquired a new position in Spotify Technology during the third quarter valued at approximately $35,000. Kozak & Associates Inc. grew its holdings in Spotify Technology by 1,700.0% during the fourth quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock valued at $39,000 after purchasing an additional 68 shares during the period. Finally, Eastern Bank grew its holdings in Spotify Technology by 110.5% during the fourth quarter. Eastern Bank now owns 80 shares of the company’s stock valued at $46,000 after purchasing an additional 42 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Buying and Selling at Spotify Technology

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the transaction, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the transaction, the chief executive officer owned 69,989 shares of the company’s stock, valued at $33,560,425.39. The trade was a 7.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 111,442 shares of company stock valued at $54,647,508 in the last three months. 0.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SPOT. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a report on Thursday, February 26th. Wells Fargo & Company upped their price target on shares of Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Benchmark reduced their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Canaccord Genuity Group reduced their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Cantor Fitzgerald upped their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $655.92.

Spotify Technology Stock Up 1.3%

Spotify Technology stock opened at $503.57 on Tuesday. The stock has a market capitalization of $103.67 billion, a PE ratio of 40.12, a price-to-earnings-growth ratio of 1.21 and a beta of 1.56. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company has a 50 day moving average of $481.52 and a 200-day moving average of $513.25.

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