111 Capital Buys New Stake in Spotify Technology $SPOT

111 Capital purchased a new stake in Spotify Technology (NYSE:SPOT) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,291 shares of the company’s stock, valued at approximately $750,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Spotify Technology during the third quarter worth approximately $26,000. JPL Wealth Management LLC bought a new stake in shares of Spotify Technology during the third quarter worth approximately $35,000. Newbridge Financial Services Group Inc. bought a new stake in shares of Spotify Technology during the fourth quarter worth approximately $35,000. Kozak & Associates Inc. raised its stake in shares of Spotify Technology by 1,700.0% during the fourth quarter. Kozak & Associates Inc. now owns 72 shares of the company’s stock worth $39,000 after buying an additional 68 shares during the last quarter. Finally, Eastern Bank raised its stake in shares of Spotify Technology by 110.5% during the fourth quarter. Eastern Bank now owns 80 shares of the company’s stock worth $46,000 after buying an additional 42 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of SPOT stock opened at $497.19 on Friday. The stock has a market cap of $102.36 billion, a P/E ratio of 39.62, a P/E/G ratio of 1.20 and a beta of 1.56. The company has a fifty day moving average price of $481.01 and a two-hundred day moving average price of $515.08. Spotify Technology has a one year low of $405.00 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The firm 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 company’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.07 earnings per share. As a group, equities research analysts anticipate that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction dated 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 transaction, the director directly owned 6,383 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the 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 transaction, the director directly owned 3,619 shares in the company, valued at $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SPOT. Morgan Stanley boosted their price target on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Cantor Fitzgerald boosted their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Finally, Daiwa Securities Group began coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target for the company. Two investment 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $655.92.

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.