Spotify Technology $SPOT Shares Bought by Engineers Gate Manager LP

Engineers Gate Manager LP lifted its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 507.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 69,234 shares of the company's stock after buying an additional 57,831 shares during the quarter. Engineers Gate Manager LP's holdings in Spotify Technology were worth $31,787,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SPOT. Sivia Capital Partners LLC purchased a new position in shares of Spotify Technology during the second quarter valued at approximately $312,000. Jump Financial LLC boosted its position in Spotify Technology by 5.2% during the second quarter. Jump Financial LLC now owns 1,132 shares of the company's stock worth $869,000 after acquiring an additional 56 shares during the last quarter. Cary Street Partners Financial LLC purchased a new stake in Spotify Technology in the 2nd quarter worth approximately $178,000. NewEdge Advisors LLC grew its stake in Spotify Technology by 36.9% in the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company's stock worth $9,707,000 after acquiring an additional 3,412 shares during the period. Finally, Glenview Trust co acquired a new position in Spotify Technology in the 2nd quarter valued at $298,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 0.9%

Shares of Spotify Technology stock opened at $523.99 on Thursday. The business's fifty day moving average price is $507.26 and its 200 day moving average price is $493.41. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $745.00. The stock has a market capitalization of $107.88 billion, a P/E ratio of 32.63, a PEG ratio of 1.56 and a beta of 1.59.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing analysts' consensus estimates of $3.16 by ($0.13). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The firm had revenue of $5.45 billion during the quarter, compared to analysts' expectations of $5.47 billion. During the same quarter last year, the business earned ($0.42) earnings per share. The business's revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, sell-side analysts predict that Spotify Technology will post 14.29 EPS for the current year.

Insider Buying and Selling

In other Spotify Technology news, CEO Alex Norström sold 5,436 shares of Spotify Technology stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the transaction, the chief executive officer directly owned 66,773 shares of the company's stock, valued at $33,526,723.30. The trade was a 7.53% decrease in their ownership of the stock. The sale was disclosed in a 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, CEO Gustav Söderström sold 20,833 shares of the business's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the sale, the chief executive officer owned 20,259 shares of the company's stock, valued at approximately $9,692,918.55. This represents a 50.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 52,538 shares of company stock worth $25,878,250. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of recent analyst reports. Barclays increased their price target on Spotify Technology from $500.00 to $565.00 and gave the stock an "overweight" rating in a research note on Friday, May 22nd. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Rosenblatt Securities dropped their target price on Spotify Technology from $531.00 to $527.00 and set a "neutral" rating for the company in a research note on Wednesday, August 5th. Argus reiterated a "buy" rating and set a $600.00 target price on shares of Spotify Technology in a research report on Thursday, August 13th. Finally, Guggenheim reissued a "buy" rating and issued a $565.00 price target on shares of Spotify Technology in a research note on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $609.05.

Spotify Technology Company Profile

Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.

Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.

Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.

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