Lombard Odier Asset Management Switzerland SA Buys New Shares in Spotify Technology $SPOT

Key Points

• Lombard Odier Asset Management initiated a Spotify position by purchasing 10,409 shares valued at approximately $5.05 million. Institutional investors and hedge funds collectively own 84.09% of SPOT.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $630.70, despite several recent target reductions.
• Spotify exceeded quarterly earnings expectations, reporting $4.04 EPS and $5.25 billion in revenue, while insiders sold approximately $54.8 million worth of shares over the past 90 days.

Lombard Odier Asset Management Switzerland SA bought a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,409 shares of the company's stock, valued at approximately $5,047,000.

A number of other hedge funds have also recently added to or reduced their stakes in SPOT. Sivia Capital Partners LLC purchased a new position in shares of Spotify Technology during the 2nd quarter worth about $312,000. Jump Financial LLC grew its holdings in Spotify Technology by 5.2% in the second quarter. Jump Financial LLC now owns 1,132 shares of the company's stock valued at $869,000 after purchasing an additional 56 shares during the period. Cary Street Partners Financial LLC acquired a new position in Spotify Technology during the second quarter worth approximately $178,000. NewEdge Advisors LLC increased its position in Spotify Technology by 36.9% during 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 last quarter. Finally, Glenview Trust co purchased a new position in Spotify Technology during the second quarter worth approximately $298,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on SPOT shares. Wells Fargo & Company decreased their price target on shares of Spotify Technology from $600.00 to $570.00 and set an "overweight" rating on the stock in a report on Thursday, July 9th. Citizens Jmp increased their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a "market outperform" rating in a research report on Friday, May 22nd. Cantor Fitzgerald boosted their price target on Spotify Technology from $430.00 to $520.00 and gave the company a "neutral" rating in a research report on Tuesday, May 26th. Rosenblatt Securities dropped their price target on Spotify Technology from $534.00 to $531.00 and set a "neutral" rating for the company in a research note on Thursday, July 9th. Finally, Guggenheim reduced their price objective on Spotify Technology from $600.00 to $565.00 and set a "buy" rating on the stock in a research note 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 company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $630.70.

Spotify Technology News Summary

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 Activity at Spotify Technology

In related news, Director Christopher P. Marshall sold 2,650 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the sale, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the transaction, the director directly owned 3,619 shares in the company, valued at $1,903,594. This trade represents a 60.21% 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 over the last 90 days. Corporate insiders own 0.40% of the company's stock.

Spotify Technology Trading Up 0.1%

Shares of SPOT stock opened at $483.27 on Monday. The company has a market cap of $99.49 billion, a PE ratio of 38.51, a P/E/G ratio of 1.19 and a beta of 1.56. The company's fifty day simple moving average is $481.62 and its 200-day simple moving average is $487.62. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm had revenue of $5.25 billion during the quarter, compared to analysts' expectations of $5.23 billion. During the same period in the prior year, the company earned $1.07 EPS. The firm's revenue was up 8.2% on a year-over-year basis. Equities research analysts expect that Spotify Technology will post 14.51 EPS 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.

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