12,678 Shares in Spotify Technology $SPOT Bought by Owl Creek Asset Management L.P.

Owl Creek Asset Management L.P. purchased a new stake in Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 12,678 shares of the company's stock, valued at approximately $6,148,000. Spotify Technology makes up approximately 0.4% of Owl Creek Asset Management L.P.'s investment portfolio, making the stock its 18th largest holding.

A number of other institutional investors have also made changes to their positions in the business. JPL Wealth Management LLC bought a new stake in Spotify Technology during the 3rd quarter worth about $35,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $32,000. Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology during the 4th quarter valued at $35,000. Osbon Capital Management LLC bought a new stake in shares of Spotify Technology during the 4th quarter worth about $35,000. Finally, Wilmington Savings Fund Society FSB boosted its holdings in shares of Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company's stock worth $38,000 after acquiring an additional 30 shares during the period. Institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of recent research reports. Guggenheim decreased their price target on shares of Spotify Technology from $600.00 to $565.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. UBS Group lowered their price target on Spotify Technology from $735.00 to $690.00 and set a "buy" rating for the company in a report on Friday, July 10th. Barclays boosted their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an "overweight" rating in a research note on Friday, May 22nd. Cantor Fitzgerald upped their price objective on Spotify Technology from $430.00 to $520.00 and gave the company a "neutral" rating in a research note on Tuesday, May 26th. Finally, Wells Fargo & Company lowered their target price on Spotify Technology from $600.00 to $570.00 and set an "overweight" rating for the company in a research report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target of $630.70.

Spotify Technology Stock Up 0.1%

Spotify Technology stock opened at $483.27 on Monday. The firm's fifty day moving average is $481.62 and its 200 day moving average is $487.62. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The company has a market capitalization of $99.49 billion, a PE ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analysts' expectations 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 was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.07 EPS. Sell-side analysts expect that Spotify Technology will post 14.51 EPS for the current fiscal year.

Trending Headlines about Spotify Technology

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

Insider Transactions at Spotify Technology

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the transaction, the director directly 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the transaction, the director owned 4,039 shares of the company's stock, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 111,442 shares of company stock valued at $54,757,553. Corporate insiders own 0.40% of the company's stock.

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.

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