Spotify Technology $SPOT Stake Increased by Delta Global Management LP

Delta Global Management LP lifted its holdings in Spotify Technology (NYSE:SPOT) by 20.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,779 shares of the company’s stock after buying an additional 12,082 shares during the quarter. Spotify Technology accounts for 2.8% of Delta Global Management LP’s portfolio, making the stock its 7th biggest holding. Delta Global Management LP’s holdings in Spotify Technology were worth $34,806,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Spotify Technology in the fourth quarter valued at $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock worth $724,251,000 after purchasing an additional 1,163,045 shares in the last quarter. Coatue Management LLC grew its stake in shares of Spotify Technology by 35.9% during 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 during the period. National Pension Service acquired a new position in shares of Spotify Technology during the 4th quarter worth $316,278,000. Finally, Swedbank AB increased its holdings in shares of Spotify Technology by 37.9% in the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock valued at $938,614,000 after purchasing an additional 444,162 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

More Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Wall Street Analyst Weigh In

Several analysts recently commented on SPOT shares. Barclays raised their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Cantor Fitzgerald upped their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Benchmark dropped their target price on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $630.70.

Spotify Technology Stock Up 3.0%

NYSE:SPOT opened at $483.27 on Friday. The company has a market capitalization of $99.49 billion, a PE ratio of 38.51, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The stock has a fifty day simple moving average of $481.62 and a 200-day simple moving average of $488.36.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The business 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 business’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 earned $1.07 EPS. As a group, equities analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current year.

Insider Activity at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the sale, the chief executive officer owned 20,492 shares of the company’s stock, valued at $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares in the company, valued at $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 111,442 shares of company stock valued at $54,757,553 in the last quarter. 0.40% of the stock is owned by corporate insiders.

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.