Capital International Inc. CA Buys 42,401 Shares of Spotify Technology $SPOT

Capital International Inc. CA grew its holdings in Spotify Technology (NYSE:SPOT) by 284.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 57,292 shares of the company’s stock after purchasing an additional 42,401 shares during the period. Capital International Inc. CA’s holdings in Spotify Technology were worth $33,270,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Capital International Investors increased its stake in shares of Spotify Technology by 113.4% in the 4th quarter. Capital International Investors now owns 655,092 shares of the company’s stock valued at $380,298,000 after purchasing an additional 348,126 shares during the last quarter. Capital Group Private Client Services Inc. increased its stake in shares of Spotify Technology by 57.1% in the 4th quarter. Capital Group Private Client Services Inc. now owns 5,436 shares of the company’s stock valued at $3,157,000 after purchasing an additional 1,976 shares during the last quarter. Los Angeles Capital Management LLC increased its stake in shares of Spotify Technology by 30.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 2,875 shares of the company’s stock valued at $1,670,000 after purchasing an additional 678 shares during the last quarter. Nemes Rush Group LLC increased its stake in shares of Spotify Technology by 6.4% in the 4th quarter. Nemes Rush Group LLC now owns 3,139 shares of the company’s stock valued at $1,823,000 after purchasing an additional 188 shares during the last quarter. Finally, 111 Capital bought a new position in shares of Spotify Technology in the 4th quarter valued at $750,000. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SPOT. Daiwa Securities Group began coverage on Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target on the stock. Canaccord Genuity Group decreased their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Rosenblatt Securities lifted their price target on Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research note on Friday, May 22nd. Guggenheim decreased their price target on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Finally, Pivotal Research decreased their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $655.92.

Insider Buying and Selling at Spotify Technology

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

Spotify Technology Stock Up 0.7%

Shares of SPOT stock opened at $497.19 on Friday. The firm has a market capitalization of $102.36 billion, a P/E ratio of 39.62, a P/E/G 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 stock’s fifty day simple moving average is $481.01 and its 200 day simple moving average is $515.08.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.07 EPS. As a group, equities research analysts expect that Spotify Technology will post 14.72 EPS for the current fiscal year.

Spotify Technology Company 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.