16,153 Shares in Spotify Technology $SPOT Bought by Lombard Odier Asset Management Europe Ltd

Key Points

• Lombard Odier Asset Management Europe Ltd opened a new position in Spotify Technology, buying 16,153 shares valued at about $7.83 million in the first quarter.
• Insider activity has been notable, with directors Sven Hans Martin Lorentzon and Christopher P. Marshall selling shares; insiders have sold 111,442 shares worth about $54.8 million over the past 90 days.
• Analysts remain generally constructive on Spotify despite some target cuts, with a consensus rating of Moderate Buy and an average price target of $630.70. The stock also rose 3.0% and the company recently beat quarterly earnings and revenue estimates.

Lombard Odier Asset Management Europe Ltd purchased a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 16,153 shares of the company's stock, valued at approximately $7,833,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Lombard Odier Asset Management USA Corp acquired a new stake in shares of Spotify Technology during the 1st quarter valued at about $1,297,000. Waverly Advisors LLC increased its stake in Spotify Technology by 6.3% in the first quarter. Waverly Advisors LLC now owns 841 shares of the company's stock valued at $408,000 after acquiring an additional 50 shares during the period. Wealth Alliance LLC acquired a new position in Spotify Technology in the first quarter worth about $442,000. Epoch Investment Partners Inc. acquired a new position in Spotify Technology in the first quarter worth about $45,546,000. Finally, St. Louis Trust Co lifted its stake in Spotify Technology by 40.5% during the first quarter. St. Louis Trust Co now owns 1,717 shares of the company's stock worth $833,000 after purchasing an additional 495 shares during the period. Institutional investors own 84.09% of the company's stock.

Insider Buying and Selling

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of the firm's stock in a transaction on 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 sale, the director directly owned 4,039 shares of the company's stock, valued at $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 111,442 shares of company stock valued at $54,757,553 in the last ninety days. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wells Fargo & Company decreased their price objective on Spotify Technology from $600.00 to $570.00 and set an "overweight" rating on the stock in a report on Thursday, July 9th. Guggenheim dropped their target price on Spotify Technology from $600.00 to $565.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Canaccord Genuity Group cut their target price on Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Rosenblatt Securities decreased their price target on Spotify Technology from $534.00 to $531.00 and set a "neutral" rating on the stock in a research note on Thursday, July 9th. Finally, KeyCorp lowered their price target on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 29th. 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. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $630.70.

Spotify Technology Stock Up 3.0%

Shares of SPOT stock opened at $483.27 on Friday. The company has a market capitalization of $99.49 billion, a P/E ratio of 38.51, a P/E/G ratio of 1.19 and a beta of 1.56. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The firm has a 50-day moving average price of $481.62 and a 200 day moving average price of $488.36.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. The firm 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 company's quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.07 earnings per share. As a group, research analysts expect that Spotify Technology will post 14.51 earnings per share for the current year.

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.