Styrax Capital LP Purchases 36,758 Shares of Spotify Technology $SPOT

Key Points

• Styrax Capital increased its Spotify stake by 32.5% in the first quarter, purchasing 36,758 shares to hold 150,000 shares valued at approximately $72.7 million.
• Institutional ownership remains substantial at 84.09%, with Norges Bank, UBS AM, Coatue Management, National Pension Service and Swedbank among investors adding to their positions.
• Spotify exceeded quarterly earnings expectations, reporting $4.04 in EPS versus $3.41 expected and $5.25 billion in revenue, while analysts maintain a “Moderate Buy” consensus with a $630.70 target price. Insiders, however, sold 111,442 shares worth $54.8 million over the past three months.

Styrax Capital LP grew its position in Spotify Technology (NYSE:SPOT - Free Report) by 32.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,000 shares of the company's stock after purchasing an additional 36,758 shares during the period. Spotify Technology makes up approximately 5.1% of Styrax Capital LP's holdings, making the stock its 10th largest holding. Styrax Capital LP owned approximately 0.07% of Spotify Technology worth $72,736,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in SPOT. Norges Bank purchased a new position in Spotify Technology in the 4th quarter worth approximately $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Spotify Technology by 1,382.3% during the fourth 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 position in shares of Spotify Technology by 35.9% during the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company's stock worth $1,423,251,000 after acquiring an additional 647,708 shares during the last quarter. National Pension Service acquired a new position in shares of Spotify Technology in the fourth quarter worth about $316,278,000. Finally, Swedbank AB boosted its holdings in Spotify Technology by 37.9% in the fourth 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 hedge funds and other institutional investors.

Insider Activity

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company's 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 transaction, the director directly owned 6,383 shares of the company's stock, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction dated Monday, July 6th. The stock was 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 approximately $9,692,918.55. The trade was 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. In the last three months, insiders sold 111,442 shares of company stock worth $54,757,553. Corporate insiders own 0.40% of the company's stock.

Key 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

Spotify Technology Trading Up 0.1%

NYSE SPOT opened at $483.27 on Monday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The stock's 50-day moving average price is $481.62 and its two-hundred day moving average price is $487.62. The company has a market cap of $99.49 billion, a PE ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. The firm 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 company's revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the business posted $1.07 EPS. Research analysts forecast that Spotify Technology will post 14.51 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on SPOT. KeyCorp reduced their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 29th. Guggenheim reduced their price objective on Spotify Technology from $600.00 to $565.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. UBS Group decreased their target price on shares of Spotify Technology from $735.00 to $690.00 and set a "buy" rating for the company in a research report on Friday, July 10th. Cantor Fitzgerald increased their price objective on Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a report on Tuesday, May 26th. Finally, Citizens Jmp raised their target price on Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $630.70.

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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