Infusive Asset Management Inc. Boosts Stock Position in Spotify Technology $SPOT

Infusive Asset Management Inc. increased its stake in shares of Spotify Technology (NYSE:SPOT) by 17.1% during the first quarter, HoldingsChannel.com reports. The firm owned 10,275 shares of the company’s stock after buying an additional 1,503 shares during the period. Spotify Technology accounts for 2.4% of Infusive Asset Management Inc.’s portfolio, making the stock its 18th largest position. Infusive Asset Management Inc.’s holdings in Spotify Technology were worth $4,982,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SPOT. JPL Wealth Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at $35,000. Kemnay Advisory Services Inc. bought a new position in shares of Spotify Technology in the fourth quarter worth $32,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Spotify Technology in the fourth quarter worth $35,000. Osbon Capital Management LLC bought a new stake in Spotify Technology during the fourth quarter valued at $35,000. Finally, Wilmington Savings Fund Society FSB boosted its stake in Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after buying an additional 30 shares during the period. Institutional investors own 84.09% of the company’s stock.

Insider Activity

In related news, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction that occurred on 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the sale, the director directly owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 111,442 shares of company stock valued at $54,757,553. Insiders own 0.40% of the company’s stock.

Spotify Technology Trading Down 0.9%

SPOT opened at $470.04 on Friday. The stock has a 50-day moving average price of $480.69 and a 200-day moving average price of $488.40. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The stock has a market capitalization of $96.77 billion, a P/E ratio of 37.45, a PEG ratio of 1.17 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period last year, the firm posted $1.07 EPS. On average, equities research analysts predict that Spotify Technology will post 14.51 EPS for the current year.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research analyst reports. Benchmark decreased their target price on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research note on Wednesday. Cantor Fitzgerald lifted their price target on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Morgan Stanley boosted their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Guggenheim decreased their price objective on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, Rosenblatt Securities lowered their target price on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $630.70.

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.