Plato Investment Management Ltd Invests $1.36 Million in Spotify Technology $SPOT

Plato Investment Management Ltd acquired a new stake in shares of Spotify Technology (NYSE:SPOT) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 2,987 shares of the company’s stock, valued at approximately $1,363,000.

A number of other hedge funds have also bought and sold shares of the business. Sivia Capital Partners LLC purchased a new position in shares of Spotify Technology in the second quarter valued at $312,000. Jump Financial LLC lifted 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 worth $869,000 after purchasing an additional 56 shares in the last quarter. Cary Street Partners Financial LLC bought a new position in Spotify Technology in the 2nd quarter worth about $178,000. NewEdge Advisors LLC boosted its stake 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 purchasing an additional 3,412 shares during the period. Finally, Glenview Trust co purchased a new position in Spotify Technology during the 2nd quarter valued at about $298,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $507.24, for a total value of $10,567,330.92. Following the completion of the transaction, the chief executive officer directly owned 20,142 shares in the company, valued at approximately $10,216,828.08. This represents a 50.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the transaction, the director owned 6,383 shares in the company, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 116,878 shares of company stock worth $59,081,110 in the last three months. 0.40% of the stock is owned by insiders.

Spotify Technology Price Performance

Shares of SPOT opened at $491.05 on Tuesday. The firm’s 50 day simple moving average is $483.26 and its 200 day simple moving average is $484.68. The company has a market capitalization of $101.10 billion, a P/E ratio of 30.58, a P/E/G ratio of 1.26 and a beta of 1.58. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $745.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, August 4th. The company reported $2.98 EPS for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.18). The company had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.Spotify Technology’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.42) EPS. On average, equities analysts anticipate that Spotify Technology will post 14.3 earnings per share for the current year.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Benchmark reduced their price objective on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Guggenheim reaffirmed a “buy” rating and set a $565.00 target price on shares of Spotify Technology in a report on Wednesday, August 5th. The Goldman Sachs Group lowered their target price on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Finally, Wall Street Zen downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $609.05.

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.