Commerzbank Aktiengesellschaft FI Buys 5,483 Shares of Spotify Technology $SPOT

Commerzbank Aktiengesellschaft FI increased its stake in Spotify Technology (NYSE:SPOT) by 1,083.6% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,989 shares of the company’s stock after buying an additional 5,483 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Spotify Technology were worth $2,904,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SPOT shares. KeyCorp reduced their price target on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Wells Fargo & Company cut their target price on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a research note on Thursday, July 9th. Cantor Fitzgerald lifted their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Finally, The Goldman Sachs Group reduced their target price on 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, nineteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $638.58.

Spotify Technology Stock Up 0.2%

Shares of Spotify Technology stock opened at $493.37 on Wednesday. The company has a market cap of $101.57 billion, a price-to-earnings ratio of 39.31, a price-to-earnings-growth ratio of 1.22 and a beta of 1.56. The company’s 50 day moving average is $479.05 and its 200 day moving average is $489.88. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30.

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 net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the company posted $1.07 earnings per share. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 14.51 EPS for the current fiscal year.

Insider Activity

In other news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $480.86, for a total value of $2,613,954.96. Following the transaction, the chief executive officer directly owned 67,582 shares in the company, valued at $32,497,480.52. This trade represents a 7.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 the firm’s stock in a transaction on Tuesday, May 26th. The stock was 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 owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 111,442 shares of company stock worth $54,757,553. Insiders own 0.40% of the company’s stock.

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.