Infusive Asset Management Inc. Acquires 1,503 Shares of Spotify Technology $SPOT

Infusive Asset Management Inc. grew its holdings in shares of Spotify Technology (NYSE:SPOT) by 17.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,275 shares of the company’s stock after buying an additional 1,503 shares during the period. Spotify Technology makes up 2.4% of Infusive Asset Management Inc.’s investment portfolio, making the stock its 18th largest holding. Infusive Asset Management Inc.’s holdings in Spotify Technology were worth $4,982,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. JPL Wealth Management LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth about $35,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology in the fourth quarter worth approximately $32,000. Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $35,000. Osbon Capital Management LLC acquired a new stake in Spotify Technology in the fourth quarter valued at approximately $35,000. Finally, Wilmington Savings Fund Society FSB increased its holdings in shares of Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after acquiring an additional 30 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Activity

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the transaction, the director directly owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This represents a 60.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction on 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 sale, the director directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SPOT. JPMorgan Chase & Co. increased their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Cantor Fitzgerald upped their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Citizens Jmp lifted their price objective 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, Benchmark decreased their target price on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $630.70.

Spotify Technology Price Performance

Shares of SPOT stock opened at $470.04 on Friday. Spotify Technology has a one year low of $405.00 and a one year high of $748.30. The firm has a 50-day moving average of $480.69 and a 200-day moving average of $488.40. The company has a market cap of $96.77 billion, a P/E ratio of 37.45, a P/E/G ratio of 1.17 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its earnings results 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 return on equity of 35.73% and a net margin of 15.56%.The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the company posted $1.07 earnings per share. Spotify Technology’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, research analysts expect that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

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.