Coronation Fund Managers Ltd. Increases Position in Spotify Technology $SPOT

Coronation Fund Managers Ltd. raised its holdings in Spotify Technology (NYSE:SPOT) by 38.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 99,710 shares of the company’s stock after acquiring an additional 27,568 shares during the period. Spotify Technology makes up approximately 2.2% of Coronation Fund Managers Ltd.’s investment portfolio, making the stock its 14th largest position. Coronation Fund Managers Ltd.’s holdings in Spotify Technology were worth $48,350,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Principal Financial Group Inc. boosted its stake in Spotify Technology by 12.9% during the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after buying an additional 73,722 shares during the last quarter. City Holding Co. increased its stake in shares of Spotify Technology by 2,515.9% in the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after acquiring an additional 5,384 shares during the last quarter. Robeco Schweiz AG raised its holdings in shares of Spotify Technology by 37.6% during the 4th quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock worth $10,769,000 after acquiring an additional 5,071 shares during the period. SBI Okasan Asset Management Co.Ltd. purchased a new position in shares of Spotify Technology during the 4th quarter worth $1,162,000. Finally, Robinhood Asset Management LLC acquired a new position in shares of Spotify Technology during the 4th quarter valued at about $8,233,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 3.8%

NYSE SPOT opened at $474.72 on Thursday. The stock has a fifty day simple moving average of $479.93 and a 200-day simple moving average of $489.13. The stock has a market cap of $97.74 billion, a PE ratio of 37.83, a P/E/G ratio of 1.22 and a beta of 1.56. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the previous year, the firm earned $1.07 EPS. Spotify Technology’s revenue was up 8.2% on a year-over-year basis. Research analysts predict that Spotify Technology will post 14.51 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SPOT. Benchmark dropped their price objective on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a report on Wednesday. The Goldman Sachs Group reduced their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Guggenheim decreased their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. KeyCorp dropped their price target on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Finally, Canaccord Genuity Group cut their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $630.70.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the completion of the sale, the chief executive officer directly owned 20,259 shares in the company, valued at $9,692,918.55. This trade represents a 50.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the sale, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by company insiders.

About Spotify Technology

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.