138,000 Shares in Spotify Technology $SPOT Purchased by Sculptor Capital LP

Sculptor Capital LP acquired a new position in Spotify Technology (NYSE:SPOT) in the 1st quarter, HoldingsChannel reports. The fund acquired 138,000 shares of the company’s stock, valued at approximately $66,918,000.

Several other large investors have also modified their holdings of SPOT. Sivia Capital Partners LLC bought a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $312,000. Jump Financial LLC grew its position in Spotify Technology by 5.2% in the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock valued at $869,000 after acquiring an additional 56 shares during the last quarter. Cary Street Partners Financial LLC bought a new position in Spotify Technology in the 2nd quarter valued at $178,000. NewEdge Advisors LLC increased its stake in Spotify Technology by 36.9% in the second 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 stake in Spotify Technology in the second quarter worth $298,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the transaction, the chief executive officer directly owned 20,259 shares in the company, valued at approximately $9,692,918.55. This trade represents a 50.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 Spotify Technology 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 transaction, the director directly owned 4,039 shares in the company, 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 have sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is owned by corporate insiders.

Key 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 Analysts Forecast Growth

SPOT has been the subject of a number of recent analyst reports. Wells Fargo & Company lowered their target price on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research note on Thursday, July 9th. The Goldman Sachs Group reduced their price target 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. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday. KeyCorp decreased their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Finally, Weiss Ratings cut shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.

Spotify Technology Price Performance

SPOT stock opened at $483.27 on Monday. The business has a 50-day moving average price of $481.62 and a 200 day moving average price of $487.62. The company has a market capitalization of $99.49 billion, a P/E ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56. Spotify Technology has a 1-year low of $405.00 and a 1-year 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 period in the prior year, the business earned $1.07 EPS. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. On average, analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

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.