AMI Asset Management Corp Purchases 59,591 Shares of Spotify Technology $SPOT

AMI Asset Management Corp increased its holdings in shares of Spotify Technology (NYSE:SPOT) by 230.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,418 shares of the company’s stock after purchasing an additional 59,591 shares during the quarter. Spotify Technology accounts for 2.6% of AMI Asset Management Corp’s portfolio, making the stock its 17th biggest holding. AMI Asset Management Corp’s holdings in Spotify Technology were worth $41,420,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of SPOT. Quadcap Wealth Management LLC lifted its holdings in Spotify Technology by 5.7% in the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after purchasing an additional 16 shares in the last quarter. Sagespring Wealth Partners LLC lifted its holdings in shares of Spotify Technology by 2.9% in the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after buying an additional 18 shares during the period. Aprio Wealth Management LLC boosted its position in Spotify Technology by 3.1% during the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after purchasing an additional 19 shares in the last quarter. Modern Wealth Management LLC increased its stake in Spotify Technology by 7.4% during the 3rd quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock valued at $202,000 after purchasing an additional 20 shares in the last quarter. Finally, Objectivity Squared LLC lifted its position in Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock valued at $1,499,000 after purchasing an additional 20 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. The Goldman Sachs Group cut their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Barclays upped their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Morgan Stanley upped their price target on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, UBS Group lowered their price objective on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $641.83.

Spotify Technology Trading Up 0.2%

Shares of SPOT opened at $461.07 on Tuesday. The firm has a market capitalization of $94.92 billion, a P/E ratio of 36.74, a price-to-earnings-growth ratio of 1.12 and a beta of 1.56. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $778.33. The stock’s fifty day simple moving average is $475.02 and its 200 day simple moving average is $501.24.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 earnings per share. Sell-side analysts predict that Spotify Technology will post 14.68 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s 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 transaction, the director owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares in the company, valued at $2,099,714.54. This represents a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 111,442 shares of company stock worth $54,647,508. Company insiders own 0.40% of the company’s stock.

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.