OMERS ADMINISTRATION Corp Has $11.90 Million Position in Spotify Technology $SPOT

by · The Cerbat Gem

OMERS ADMINISTRATION Corp lifted its position in shares of Spotify Technology (NYSE:SPOT – Free Report) by 29.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,493 shares of the company’s stock after buying an additional 4,705 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Spotify Technology were worth $11,900,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Silvant Capital Management LLC lifted its stake in Spotify Technology by 1.6% in the 4th quarter. Silvant Capital Management LLC now owns 7,741 shares of the company’s stock valued at $4,495,000 after acquiring an additional 124 shares in the last quarter. Sycale Advisors NY LLC grew its position in Spotify Technology by 89.6% in the fourth quarter. Sycale Advisors NY LLC now owns 36,075 shares of the company’s stock valued at $20,949,000 after purchasing an additional 17,050 shares in the last quarter. USS Investment Management Ltd boosted its holdings in shares of Spotify Technology by 1.6% in the 4th quarter. USS Investment Management Ltd now owns 25,834 shares of the company’s stock valued at $15,006,000 after buying an additional 410 shares during the last quarter. Piedmont Capital Management LLC NC acquired a new stake in Spotify Technology in the fourth quarter valued at $1,327,000. Finally, Resources Management Corp CT ADV grew its position in shares of Spotify Technology by 2,150.0% in the 4th quarter. Resources Management Corp CT ADV now owns 450 shares of the company’s stock valued at $261,000 after acquiring an additional 430 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Activity

In other news, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction dated 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 directly owned 3,619 shares of the company’s stock, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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 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. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SPOT. The Goldman Sachs Group cut their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Benchmark reduced their target price 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. Citizens Jmp boosted their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Wells Fargo & Company raised their price target on Spotify Technology from $580.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Two 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $652.16.

View Our Latest Research Report on Spotify Technology

Spotify Technology Stock Down 0.5%

Shares of SPOT stock opened at $479.38 on Tuesday. The firm has a market capitalization of $98.69 billion, a P/E ratio of 38.20, a P/E/G ratio of 1.18 and a beta of 1.56. The stock’s fifty day simple moving average is $482.58 and its 200 day simple moving average is $509.61. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT – Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.07 EPS. As a group, equities research analysts expect that Spotify Technology will post 14.71 EPS for the current fiscal year.

About Spotify Technology

(Free Report)

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.

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