IFM Investors Pty Ltd Buys 1,898 Shares of Spotify Technology $SPOT

IFM Investors Pty Ltd lifted its position in Spotify Technology (NYSE:SPOT) by 6.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,961 shares of the company’s stock after buying an additional 1,898 shares during the quarter. IFM Investors Pty Ltd’s holdings in Spotify Technology were worth $15,983,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SPOT. Quadcap Wealth Management LLC increased its holdings in shares of Spotify Technology by 5.7% in 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 period. Sagespring Wealth Partners LLC lifted its stake in Spotify Technology by 2.9% in 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. Modern Wealth Management LLC grew its position in Spotify Technology by 7.4% during the 3rd quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock worth $202,000 after acquiring an additional 20 shares during the last quarter. Objectivity Squared LLC raised its holdings in Spotify Technology by 0.8% during the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock valued at $1,499,000 after buying an additional 20 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Spotify Technology by 1.4% during the 4th quarter. GAMMA Investing LLC now owns 1,667 shares of the company’s stock valued at $968,000 after purchasing an additional 23 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the transaction, the director owned 6,383 shares of the company’s stock, valued at $3,355,734.59. The trade was a 84.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 85,173 shares of company stock valued at $42,176,049 over the last ninety days. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Up 2.6%

Spotify Technology stock opened at $470.88 on Thursday. The company has a market capitalization of $96.94 billion, a P/E ratio of 37.52, a PEG ratio of 1.13 and a beta of 1.56. The stock’s 50 day moving average is $472.17 and its 200 day moving average is $499.29. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30.

Spotify Technology (NYSE:SPOT) last posted 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 during 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%.The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the company earned $1.07 EPS. As a group, equities analysts expect that Spotify Technology will post 14.64 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SPOT shares. UBS Group dropped their target price on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Benchmark reduced their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Weiss Ratings downgraded shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Wells Fargo & Company raised their price objective on shares of Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, Cantor Fitzgerald lifted their price objective on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $641.83.

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.