Fortis Capital Management LLC Grows Holdings in Spotify Technology $SPOT

Fortis Capital Management LLC increased its holdings in Spotify Technology (NYSE:SPOT) by 2,618.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,389 shares of the company’s stock after acquiring an additional 10,970 shares during the quarter. 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 (SEC).

A number of other large investors also recently bought and sold shares of the business. State Street Corp grew its holdings in Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after purchasing an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Spotify Technology by 4.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock valued at $2,247,042,000 after purchasing an additional 149,479 shares during the last quarter. Capital World Investors lifted its holdings in shares of Spotify Technology by 4.9% during the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after purchasing an additional 133,108 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after purchasing an additional 62,887 shares in the last quarter. Finally, Coatue Management LLC boosted its position in shares of Spotify Technology by 35.9% in the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after purchasing an additional 647,708 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SPOT shares. Benchmark reduced their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Guggenheim dropped their target price on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Weiss Ratings downgraded Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. UBS Group cut their target price on Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Finally, Daiwa Securities Group assumed coverage on Spotify Technology in a report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $638.58.

Spotify Technology Stock Up 0.2%

SPOT opened at $493.37 on Wednesday. The firm has a 50 day moving average price of $479.05 and a 200-day moving average price of $489.88. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The stock has a market capitalization of $101.57 billion, a price-to-earnings ratio of 39.31, a PEG 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 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. As a group, analysts expect that Spotify Technology will post 14.51 earnings per share for the current year.

Insider Buying and Selling at Spotify Technology

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 Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, the director directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. The trade was a 84.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is owned by corporate insiders.

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.