Alamar Capital Management LLC Invests $2.33 Million in Spotify Technology $SPOT

Alamar Capital Management LLC purchased a new stake in Spotify Technology (NYSE:SPOT) in the first quarter, HoldingsChannel reports. The firm purchased 4,802 shares of the company’s stock, valued at approximately $2,329,000. Spotify Technology makes up approximately 1.4% of Alamar Capital Management LLC’s holdings, making the stock its 18th largest position.

Other institutional investors have also made changes to their positions in the company. Sycale Advisors NY LLC grew its position in Spotify Technology by 18.5% during the first quarter. Sycale Advisors NY LLC now owns 42,731 shares of the company’s stock worth $20,721,000 after buying an additional 6,656 shares in the last quarter. Cetera Investment Advisers raised its holdings in Spotify Technology by 9.3% in the 1st quarter. Cetera Investment Advisers now owns 40,231 shares of the company’s stock valued at $19,508,000 after acquiring an additional 3,420 shares in the last quarter. Coronation Fund Managers Ltd. raised its holdings in Spotify Technology by 38.2% in the 1st quarter. Coronation Fund Managers Ltd. now owns 99,710 shares of the company’s stock valued at $48,350,000 after acquiring an additional 27,568 shares in the last quarter. Aureus Asset Management LLC bought a new stake in shares of Spotify Technology during the 1st quarter valued at $1,152,000. Finally, Militia Capital Management LLC bought a new stake in shares of Spotify Technology during the 1st quarter valued at $562,000. 84.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on SPOT. Pivotal Research dropped their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Daiwa Securities Group started coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective on the stock. Morgan Stanley boosted their price objective 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, KeyCorp cut their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $630.70.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology 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 completion of the transaction, the director owned 6,383 shares of the company’s stock, 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 dated Tuesday, May 26th. The shares were 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 of the company’s stock, valued at $2,099,714.54. This represents a 39.62% 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 $54,757,553 over the last three months. 0.40% of the stock is owned by corporate insiders.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $474.72 on Thursday. The company’s 50 day moving average price is $479.93 and its two-hundred day moving average price is $489.13. The firm has a market capitalization of $97.74 billion, a P/E ratio of 37.83, a P/E/G ratio of 1.22 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results 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. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the prior year, the business earned $1.07 earnings per share. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. On average, analysts expect that Spotify Technology will post 14.51 earnings per share for the current 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.