Totem Point Management LLC Has $11.81 Million Stock Holdings in Spotify Technology $SPOT

Totem Point Management LLC grew its holdings in Spotify Technology (NYSE:SPOT) by 39.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,336 shares of the company’s stock after acquiring an additional 5,770 shares during the quarter. Spotify Technology accounts for about 11.8% of Totem Point Management LLC’s investment portfolio, making the stock its largest holding. Totem Point Management LLC’s holdings in Spotify Technology were worth $11,809,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of SPOT. Quadcap Wealth Management LLC grew its holdings 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 buying an additional 16 shares in the last quarter. Sagespring Wealth Partners LLC grew its holdings in shares of Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after buying an additional 18 shares in the last quarter. Ameritas Advisory Services LLC grew its holdings in shares of Spotify Technology by 7.9% during the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock worth $181,000 after buying an additional 19 shares in the last quarter. Aprio Wealth Management LLC grew its holdings in shares of Spotify Technology by 3.1% during the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock worth $442,000 after buying an additional 19 shares in the last quarter. Finally, Modern Wealth Management LLC grew its holdings in shares of Spotify Technology by 7.4% during the third quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock worth $202,000 after buying an additional 20 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of research reports. UBS Group decreased their price objective on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a report on Thursday, April 30th. The Goldman Sachs Group decreased their price target 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. Rosenblatt Securities raised their price target on Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research note on Friday, May 22nd. Benchmark decreased their price target on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Finally, Morgan Stanley raised their price target on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $652.16.

Insider Transactions at Spotify Technology

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total value of $10,344,001.16. Following the sale, the chief executive officer owned 20,376 shares in the company, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by insiders.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $470.81 on Wednesday. The stock has a market capitalization of $96.93 billion, a PE ratio of 37.51, a P/E/G ratio of 1.17 and a beta of 1.56. The business has a fifty day moving average price of $482.23 and a two-hundred day moving average price of $508.74. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share 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 firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the previous year, the firm earned $1.07 EPS. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, equities analysts expect that Spotify Technology will post 14.71 EPS for the current year.

About Spotify Technology

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.