Meitav Investment House Ltd. Buys 8,888 Shares of Spotify Technology $SPOT

Meitav Investment House Ltd. lifted its stake in Spotify Technology (NYSE:SPOT) by 14.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,503 shares of the company’s stock after buying an additional 8,888 shares during the period. Meitav Investment House Ltd.’s holdings in Spotify Technology were worth $34,673,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp boosted its stake in shares of Spotify Technology by 1.9% during the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after purchasing an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Spotify Technology by 4.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after buying an additional 149,479 shares during the period. Capital World Investors increased its stake in shares of Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after buying an additional 133,108 shares during the period. Fisher Asset Management LLC raised its holdings in Spotify Technology by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after buying an additional 62,887 shares during the last quarter. Finally, Coatue Management LLC raised its holdings in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after buying an additional 647,708 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Insider Activity at Spotify Technology

In related news, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value 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 $1,903,594. This represents a 60.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director directly owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 85,173 shares of company stock worth $42,176,049. 0.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SPOT has been the subject of several analyst reports. Pivotal Research dropped their price target on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Daiwa Securities Group initiated coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective on the stock. Citizens Jmp upped their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research note on Friday, May 22nd. Morgan Stanley increased their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Finally, UBS Group cut their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $641.83.

Spotify Technology Stock Performance

SPOT stock traded up $10.58 on Tuesday, reaching $493.59. The company’s stock had a trading volume of 391,870 shares, compared to its average volume of 2,496,117. The firm has a market cap of $101.62 billion, a PE ratio of 39.27, a PEG ratio of 1.19 and a beta of 1.56. The business has a fifty day simple moving average of $470.66 and a two-hundred day simple moving average of $497.85. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion for the quarter, compared to the consensus estimate 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. As a group, research analysts anticipate that Spotify Technology will post 14.62 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.