Deutsche Bank AG Raises Stock Holdings in Spotify Technology $SPOT

Deutsche Bank AG increased its position in Spotify Technology (NYSE:SPOT) by 15.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,485,921 shares of the company’s stock after acquiring an additional 201,080 shares during the period. Deutsche Bank AG’s holdings in Spotify Technology were worth $862,889,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Omnitrust Wealth Management Inc purchased a new position in Spotify Technology in the 4th quarter worth $204,000. Manchester Capital Management LLC raised its stake in shares of Spotify Technology by 481.3% during the 4th quarter. Manchester Capital Management LLC now owns 279 shares of the company’s stock valued at $162,000 after buying an additional 231 shares during the last quarter. Hilton Head Capital Partners LLC purchased a new position in shares of Spotify Technology during the 4th quarter valued at about $347,000. Fiera Capital Corp raised its stake in shares of Spotify Technology by 99.3% during the 4th quarter. Fiera Capital Corp now owns 23,584 shares of the company’s stock valued at $13,695,000 after buying an additional 11,749 shares during the last quarter. Finally, CNB Bank raised its stake in shares of Spotify Technology by 3.5% during the 4th quarter. CNB Bank now owns 831 shares of the company’s stock valued at $483,000 after buying an additional 28 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.3%

NYSE:SPOT opened at $496.56 on Wednesday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The stock has a market capitalization of $102.23 billion, a PE ratio of 39.57, a price-to-earnings-growth ratio of 1.23 and a beta of 1.56. The stock’s 50-day moving average price is $481.98 and its 200-day moving average price is $512.39.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same period last year, the firm earned $1.07 EPS. The company’s quarterly revenue was up 8.2% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the sale, the chief executive officer directly owned 20,376 shares in the company, valued at $10,117,091.52. This trade represents a 50.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares in the company, valued at approximately $1,903,594. The trade was a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent research reports. Guggenheim reduced their price objective on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Cantor Fitzgerald lifted their price objective on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. The Goldman Sachs Group reduced their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Daiwa Securities Group initiated coverage on Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective for the company. Finally, Wells Fargo & Company lifted their price objective on Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $655.92.

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.