Spotify Technology $SPOT Shares Sold by Renaissance Technologies LLC

Key Points

• Renaissance Technologies sharply reduced its Spotify stake in the first quarter, cutting holdings by 66.5% after selling 393,512 shares. The fund still held 198,116 shares worth about $96.1 million.
• Spotify reported better-than-expected quarterly results, with EPS of $4.04 versus $3.41 expected and revenue of $5.25 billion, up 8.2% year over year. Analysts now forecast full-year EPS of 14.51.
• Wall Street remains broadly constructive on the stock, with an average Moderate Buy rating and a consensus price target of $630.70. Recent analyst moves included JPMorgan raising its target to $650, though some firms trimmed ratings or targets.

Renaissance Technologies LLC decreased its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 66.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 198,116 shares of the company's stock after selling 393,512 shares during the period. Renaissance Technologies LLC owned about 0.10% of Spotify Technology worth $96,068,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Gamco Investors INC. ET AL boosted its stake in Spotify Technology by 14.4% during the 1st quarter. Gamco Investors INC. ET AL now owns 8,085 shares of the company's stock valued at $3,920,000 after purchasing an additional 1,015 shares during the period. Compound Planning Inc. increased its stake in shares of Spotify Technology by 21.5% in the first quarter. Compound Planning Inc. now owns 2,575 shares of the company's stock valued at $1,249,000 after purchasing an additional 455 shares during the period. Gavilan Investment Partners LLC increased its stake in shares of Spotify Technology by 23.7% in the first quarter. Gavilan Investment Partners LLC now owns 49,500 shares of the company's stock valued at $24,003,000 after purchasing an additional 9,500 shares during the period. Liberty One Investment Management LLC raised its holdings in shares of Spotify Technology by 41.5% during the first quarter. Liberty One Investment Management LLC now owns 1,811 shares of the company's stock valued at $878,000 after buying an additional 531 shares during the last quarter. Finally, Aspen Grove Capital LLC raised its holdings in shares of Spotify Technology by 13.6% during the first quarter. Aspen Grove Capital LLC now owns 575 shares of the company's stock valued at $279,000 after buying an additional 69 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Up 3.0%

Shares of NYSE SPOT opened at $483.27 on Friday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The company has a market capitalization of $99.49 billion, a price-to-earnings ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56. The firm has a 50-day moving average of $481.62 and a two-hundred day moving average of $488.36.

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

Analysts Set New Price Targets

SPOT has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their price objective on Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Wall Street Zen cut Spotify Technology from a "buy" rating to a "hold" rating in a research report on Saturday. Cantor Fitzgerald lifted their target price on Spotify Technology from $430.00 to $520.00 and gave the company a "neutral" rating in a research note on Tuesday, May 26th. KeyCorp reduced their price target on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a research report on Wednesday, April 29th. Finally, Weiss Ratings cut Spotify Technology from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. 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.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $630.70.

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

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction that occurred 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 transaction, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $478.45, for a total value of $9,967,548.85. Following the completion of the transaction, the chief executive officer directly owned 20,259 shares in the company, valued at $9,692,918.55. This represents a 50.70% decrease in their position. 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 quarter, insiders sold 111,442 shares of company stock valued at $54,757,553. Corporate insiders own 0.40% of the company's stock.

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.

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.