OMERS ADMINISTRATION Corp Purchases 12,779 Shares of Spotify Technology $SPOT

OMERS ADMINISTRATION Corp grew its holdings in Spotify Technology (NYSE:SPOT) by 62.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 33,272 shares of the company’s stock after purchasing an additional 12,779 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Spotify Technology were worth $16,134,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Quadcap Wealth Management LLC lifted its position in shares of Spotify Technology by 5.7% during 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 during the last quarter. Objectivity Squared LLC grew its holdings in Spotify Technology by 0.8% in 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. Greenleaf Trust increased its position in Spotify Technology by 5.8% in the 4th quarter. Greenleaf Trust now owns 455 shares of the company’s stock worth $264,000 after buying an additional 25 shares during the period. Condor Capital Management increased its position in Spotify Technology by 2.6% in the 4th quarter. Condor Capital Management now owns 990 shares of the company’s stock worth $575,000 after buying an additional 25 shares during the period. Finally, Brookstone Capital Management lifted its holdings in shares of Spotify Technology by 1.6% during the fourth quarter. Brookstone Capital Management now owns 1,698 shares of the company’s stock worth $986,000 after buying an additional 27 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPOT. Wells Fargo & Company reduced their price objective on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Canaccord Genuity Group dropped their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Citizens Jmp increased their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. Finally, The Goldman Sachs Group decreased their price target on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.

Key Headlines Impacting Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Spotify Technology Trading Up 3.0%

NYSE SPOT opened at $483.27 on Friday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30. The company has a market capitalization of $99.49 billion, a price-to-earnings ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56. The stock’s 50 day moving average is $481.62 and its two-hundred day moving average is $488.36.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the company earned $1.07 EPS. On average, analysts predict that Spotify Technology will post 14.51 earnings per share for the current year.

Insider Activity

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the sale, the chief executive officer owned 20,492 shares of the company’s stock, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the 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 sale, the director owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is owned by company insiders.

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.