Spotify Technology $SPOT Shares Acquired by Sycale Advisors NY LLC

Sycale Advisors NY LLC raised its position in Spotify Technology (NYSE:SPOT - Free Report) by 18.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,731 shares of the company's stock after buying an additional 6,656 shares during the period. Spotify Technology accounts for about 10.3% of Sycale Advisors NY LLC's investment portfolio, making the stock its 2nd biggest position. Sycale Advisors NY LLC's holdings in Spotify Technology were worth $20,721,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SPOT. Norges Bank acquired a new position in shares of Spotify Technology in the 4th quarter worth approximately $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company's stock worth $724,251,000 after acquiring an additional 1,163,045 shares during the last quarter. Coatue Management LLC increased its holdings in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company's stock valued at $1,423,251,000 after purchasing an additional 647,708 shares in the last quarter. National Pension Service acquired a new stake in Spotify Technology during the 4th quarter valued at $316,278,000. Finally, Swedbank AB raised its position in Spotify Technology by 37.9% in the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company's stock valued at $938,614,000 after purchasing an additional 444,162 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on SPOT shares. Wall Street Zen raised Spotify Technology from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. KeyCorp cut their price target on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. Citizens Jmp lifted their price target on Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a report on Friday, May 22nd. Canaccord Genuity Group reduced their price target on shares of Spotify Technology from $750.00 to $720.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Finally, Rosenblatt Securities decreased their price objective on shares of Spotify Technology from $534.00 to $531.00 and set a "neutral" rating on the stock in a report on Thursday, July 9th. Two 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $630.70.

Spotify Technology Trading Down 3.8%

Spotify Technology stock opened at $474.72 on Thursday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The company has a market cap of $97.74 billion, a PE ratio of 37.83, a PEG ratio of 1.22 and a beta of 1.56. The company's 50-day moving average is $479.93 and its two-hundred day moving average is $489.13.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued 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. The company had revenue of $5.25 billion during 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%. Spotify Technology's revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.07 EPS. Research analysts forecast that Spotify Technology will post 14.51 EPS for the current year.

Insider Transactions at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the company's stock in a transaction on 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 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the transaction, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Company 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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