Spotify Technology $SPOT is Delta Global Management LP's 7th Largest Position

Delta Global Management LP boosted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 20.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 71,779 shares of the company's stock after purchasing an additional 12,082 shares during the quarter. Spotify Technology comprises approximately 2.8% of Delta Global Management LP's portfolio, making the stock its 7th biggest position. Delta Global Management LP's holdings in Spotify Technology were worth $34,806,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SPOT. Portus Wealth Advisors LLC purchased a new stake in shares of Spotify Technology during the 1st quarter worth approximately $32,000. Kemnay Advisory Services Inc. acquired a new stake in Spotify Technology during the 4th quarter worth $32,000. Whipplewood Advisors LLC raised its stake in Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company's stock worth $33,000 after acquiring an additional 55 shares in the last quarter. Palladiem LLC purchased a new stake in Spotify Technology in the first quarter valued at $34,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in Spotify Technology in the fourth quarter valued at $35,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading 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 price-to-earnings-growth ratio of 1.19 and a beta of 1.56. The business's 50 day moving average is $481.62 and its two-hundred day moving average is $488.36. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30.

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on SPOT shares. Citizens Jmp boosted their target price on Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a report on Friday, May 22nd. KeyCorp decreased their price objective on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. The Goldman Sachs Group lowered their target price on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Cantor Fitzgerald upped their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the company a "neutral" rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings downgraded shares of Spotify Technology from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Two equities research 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 MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $630.70.

Insider Buying and Selling

In other news, CEO Gustav Soderstrom sold 20,833 shares of the firm's stock in a transaction on 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 completion of the sale, the chief executive officer owned 20,492 shares in the company, valued at approximately $8,826,314.24. This trade represents a 50.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the completion of the sale, the chief executive officer directly owned 67,582 shares in the company, valued at approximately $32,497,480.52. The trade was a 7.44% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 111,442 shares of company stock worth $54,757,553 in the last ninety days. Insiders own 0.40% of the company's stock.

Key Headlines Impacting 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

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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