USS Investment Management Ltd Acquires 69,647 Shares of Spotify Technology $SPOT

USS Investment Management Ltd boosted its holdings in shares of Spotify Technology (NYSE:SPOT) by 269.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 95,481 shares of the company’s stock after purchasing an additional 69,647 shares during the period. USS Investment Management Ltd’s holdings in Spotify Technology were worth $46,294,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. IFM Investors Pty Ltd raised its holdings in shares of Spotify Technology by 6.1% during the first quarter. IFM Investors Pty Ltd now owns 32,961 shares of the company’s stock valued at $15,983,000 after acquiring an additional 1,898 shares in the last quarter. Asset Planning Inc bought a new stake in Spotify Technology in the first quarter valued at $73,000. AMI Asset Management Corp boosted its holdings in Spotify Technology by 230.7% in the first quarter. AMI Asset Management Corp now owns 85,418 shares of the company’s stock valued at $41,420,000 after acquiring an additional 59,591 shares in the last quarter. Moss Adams Wealth Advisors LLC increased its position in Spotify Technology by 17.1% during the 1st quarter. Moss Adams Wealth Advisors LLC now owns 417 shares of the company’s stock valued at $202,000 after purchasing an additional 61 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ increased its position in Spotify Technology by 3.3% during the 1st quarter. Lansforsakringar Fondforvaltning AB publ now owns 65,891 shares of the company’s stock valued at $31,951,000 after purchasing an additional 2,118 shares during the period. Institutional investors own 84.09% of the company’s stock.

Insider Activity

In other news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were 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 in the company, valued at $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were 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 of the company’s stock, valued at $10,117,091.52. This trade represents a 50.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 85,173 shares of company stock worth $42,176,049. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $459.74 on Wednesday. The stock has a market cap of $94.65 billion, a price-to-earnings ratio of 36.63, a PEG ratio of 1.13 and a beta of 1.56. The firm’s 50-day moving average is $473.49 and its 200 day moving average is $500.18. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $769.71.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. During the same period last year, the business earned $1.07 EPS. On average, equities analysts expect that Spotify Technology will post 14.64 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently commented on SPOT. Wall Street Zen cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. JPMorgan Chase & Co. raised their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. 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 report on Friday, May 22nd. Morgan Stanley upped their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, Rosenblatt Securities increased their target price on Spotify Technology from $500.00 to $534.00 and gave the stock a “neutral” rating in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $641.83.

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.