CI Investments Inc. Trims Position in Spotify Technology $SPOT

CI Investments Inc. decreased its stake in shares of Spotify Technology (NYSE:SPOT) by 42.4% in the first quarter, HoldingsChannel reports. The institutional investor owned 28,770 shares of the company’s stock after selling 21,181 shares during the period. CI Investments Inc.’s holdings in Spotify Technology were worth $13,951,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in SPOT. Quadcap Wealth Management LLC increased its position in shares of Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after acquiring an additional 16 shares during the period. Sagespring Wealth Partners LLC boosted its holdings in shares of Spotify Technology by 2.9% in the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after purchasing an additional 18 shares during the period. Objectivity Squared LLC grew its stake in Spotify Technology by 0.8% in the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares in the last quarter. Greenleaf Trust grew its stake in Spotify Technology by 5.8% in the fourth quarter. Greenleaf Trust now owns 455 shares of the company’s stock worth $264,000 after purchasing an additional 25 shares in the last quarter. Finally, Condor Capital Management increased its holdings in Spotify Technology by 2.6% during the 4th quarter. Condor Capital Management now owns 990 shares of the company’s stock worth $575,000 after purchasing an additional 25 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer directly owned 20,492 shares in the company, valued at $8,826,314.24. This trade represents a 50.41% 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 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 Thomas O. Staggs sold 5,477 shares of Spotify Technology 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 in the company, valued at $1,903,594. This represents a 60.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is owned by corporate insiders.

Spotify Technology Trading Down 3.8%

SPOT opened at $474.72 on Thursday. The firm has a market cap of $97.74 billion, a price-to-earnings ratio of 37.83, a PEG ratio of 1.22 and a beta of 1.56. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The stock has a fifty day moving average price of $479.93 and a 200-day moving average price of $489.13.

Spotify Technology (NYSE:SPOT) last issued 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 company had revenue of $5.25 billion for 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%.The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 earnings per share. On average, equities research analysts forecast that Spotify Technology will post 14.51 EPS for the current year.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research reports. JPMorgan Chase & Co. upped 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. Daiwa Securities Group initiated coverage on Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective for the company. Barclays upped their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Guggenheim dropped 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. Finally, Cantor Fitzgerald raised their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $630.70.

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.