Fortis Capital Management LLC Acquires 10,970 Shares of Spotify Technology $SPOT

Fortis Capital Management LLC raised its holdings in shares of Spotify Technology (NYSE:SPOT) by 2,618.1% in the first quarter, Holdings Channel reports. The institutional investor owned 11,389 shares of the company’s stock after acquiring an additional 10,970 shares during the period. Fortis Capital Management LLC’s holdings in Spotify Technology were worth $5,523,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of Spotify Technology by 12.9% in the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after buying an additional 73,722 shares during the period. City Holding Co. grew its stake in shares of Spotify Technology by 2,515.9% during the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock valued at $3,251,000 after acquiring an additional 5,384 shares during the period. Robeco Schweiz AG increased its holdings in Spotify Technology by 37.6% in the 4th quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock worth $10,769,000 after acquiring an additional 5,071 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new stake in Spotify Technology in the 4th quarter worth approximately $1,162,000. Finally, Robinhood Asset Management LLC purchased a new stake in Spotify Technology in the 4th quarter worth approximately $8,233,000. 84.09% of the stock is currently owned by institutional investors.

Insider Activity at Spotify Technology

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction that occurred 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 owned 3,619 shares in the company, valued at $1,903,594. This trade represents a 60.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction that occurred on 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 completion of the sale, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock valued at $54,757,553 in the last 90 days. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on SPOT shares. Cantor Fitzgerald lifted their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a report on Tuesday, May 26th. Guggenheim reduced their price objective on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Canaccord Genuity Group decreased their price objective on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Morgan Stanley raised their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Benchmark lowered their target price on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Two research 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 stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $638.58.

Spotify Technology Stock Up 0.2%

SPOT opened at $493.37 on Wednesday. The firm has a 50-day simple moving average of $479.05 and a two-hundred day simple moving average of $489.88. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30. The company has a market capitalization of $101.57 billion, a PE ratio of 39.31, a price-to-earnings-growth ratio of 1.22 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the previous year, the firm posted $1.07 earnings per share. The business’s revenue was up 8.2% compared to the same quarter last year. As a group, sell-side analysts expect that Spotify Technology will post 14.51 earnings per share 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.