CIBC Asset Management Inc grew its position in Spotify Technology (NYSE:SPOT – Free Report) by 32.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 34,508 shares of the company’s stock after buying an additional 8,510 shares during the period. CIBC Asset Management Inc’s holdings in Spotify Technology were worth $20,039,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of SPOT. State Street Corp grew its holdings in Spotify Technology by 1.1% during the third quarter. State Street Corp now owns 4,622,298 shares of the company’s stock worth $3,226,364,000 after purchasing an additional 48,070 shares during the period. Capital World Investors boosted its stake in shares of Spotify Technology by 40.7% during the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after acquiring an additional 789,755 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Spotify Technology by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after acquiring an additional 62,887 shares during the period. Coatue Management LLC increased its holdings in shares of Spotify Technology by 13.3% during the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company’s stock worth $1,258,615,000 after acquiring an additional 212,006 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Spotify Technology by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company’s stock worth $991,223,000 after acquiring an additional 93,274 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.
Spotify Technology Price Performance
SPOT opened at $492.50 on Friday. The business has a fifty day simple moving average of $480.53 and a 200 day simple moving average of $515.21. The company has a market capitalization of $101.40 billion, a PE ratio of 39.24, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00.
Insiders Place Their Bets
In related news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the transaction, the chief executive officer directly owned 20,609 shares of the company’s stock, valued at approximately $9,758,773.68. This trade represents a 50.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 111,442 shares of company stock valued at $54,647,508 in the last three months. Insiders own 0.40% of the company’s stock.
Key Stories Impacting Spotify Technology
Here are the key news stories impacting Spotify Technology this week:
- Positive Sentiment: Spotify is expanding its strategy in Asia, with a report that it is targeting Korea using AI-driven hyper-personalization. That suggests continued investment in product innovation and international growth, which investors may view favorably. Spotify targets Korea with AI hyper-personalization
- Positive Sentiment: Several reports highlighted strong underlying fundamentals after Spotify’s latest earnings, including premium subscriber growth, improved free cash flow, and rising operating income. Those results continue to support the stock’s longer-term bull case. Spotify Stock Will Trade at This Price In a Year
- Neutral Sentiment: Analyst sentiment remains supportive overall, with Spotify carrying a “Moderate Buy” consensus rating. However, some firms recently trimmed price targets, indicating expectations are still high and valuation remains a point of debate. Spotify Technology (NYSE:SPOT) Given Consensus Recommendation of “Moderate Buy” by Analysts
- Negative Sentiment: CEO Gustav Soderstrom sold about $10.3 million of Spotify stock, continuing a recent pattern of insider selling. While insider sales do not always signal trouble, they can weigh on sentiment if investors worry management sees less upside near current levels. Spotify Technology (NYSE:SPOT) CEO Sells $10,344,001.16 in Stock
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on SPOT shares. The Goldman Sachs Group cut their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Barclays upped their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Morgan Stanley raised their target price 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. Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price for the company in a report on Thursday, February 26th. Finally, Daiwa Securities Group started coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $655.92.
Read Our Latest Stock Report on Spotify Technology
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.
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