Virtu Financial LLC Makes New $3.58 Million Investment in Spotify Technology $SPOT

Virtu Financial LLC acquired a new stake in Spotify Technology (NYSE:SPOT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,160 shares of the company’s stock, valued at approximately $3,577,000.

Other hedge funds have also recently modified their holdings of the company. Sivia Capital Partners LLC purchased a new stake in shares of Spotify Technology during the second quarter worth about $312,000. Jump Financial LLC increased its holdings in Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock valued at $869,000 after purchasing an additional 56 shares during the period. Cary Street Partners Financial LLC bought a new position in Spotify Technology during the 2nd quarter valued at approximately $178,000. NewEdge Advisors LLC lifted its holdings in Spotify Technology by 36.9% in the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after buying an additional 3,412 shares during the period. Finally, Glenview Trust co purchased a new stake in Spotify Technology in the 2nd quarter worth approximately $298,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Buying and Selling

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction 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 transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This represents a 7.21% 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 $54,647,508 over the last 90 days. 0.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SPOT shares. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Cantor Fitzgerald raised their price target on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Daiwa Securities Group started coverage on shares of Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price target on the stock. Citizens Jmp boosted 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 report on Friday, May 22nd. Finally, The Goldman Sachs Group decreased their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $652.16.

Spotify Technology Stock Performance

SPOT stock opened at $468.74 on Friday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The business’s 50 day moving average price is $481.41 and its two-hundred day moving average price is $506.85. The company has a market capitalization of $96.50 billion, a price-to-earnings ratio of 37.35, a price-to-earnings-growth ratio of 1.11 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last announced 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. The firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.07 EPS. Sell-side analysts forecast that Spotify Technology will post 14.68 earnings per share for the current year.

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.