WINTON GROUP Ltd Boosts Position in Spotify Technology $SPOT

Key Points

• WINTON GROUP Ltd increased its Spotify stake by 29.1% in the fourth quarter, holding 25,345 shares valued at about $14.7 million. Spotify now represents 0.5% of the firm’s portfolio.
• Spotify reported strong quarterly results, posting EPS of $4.04 versus expectations of $3.41 and revenue of $5.25 billion, slightly ahead of estimates. Revenue rose 8.2% year over year.
• Despite some insider selling, analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $655.92. Several firms recently maintained or adjusted bullish ratings on the stock.

WINTON GROUP Ltd raised its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 29.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,345 shares of the company's stock after buying an additional 5,720 shares during the quarter. Spotify Technology comprises 0.5% of WINTON GROUP Ltd's portfolio, making the stock its 28th largest holding. WINTON GROUP Ltd's holdings in Spotify Technology were worth $14,718,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in SPOT. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Spotify Technology during the third quarter worth about $26,000. JPL Wealth Management LLC purchased a new position in shares of Spotify Technology during the third quarter worth about $35,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Spotify Technology during the fourth quarter worth about $35,000. Kozak & Associates Inc. grew its holdings in shares of Spotify Technology by 1,700.0% during the fourth quarter. Kozak & Associates Inc. now owns 72 shares of the company's stock worth $39,000 after purchasing an additional 68 shares in the last quarter. Finally, Eastern Bank grew its holdings in shares of Spotify Technology by 110.5% during the fourth quarter. Eastern Bank now owns 80 shares of the company's stock worth $46,000 after purchasing an additional 42 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of SPOT opened at $497.19 on Friday. The firm has a market cap of $102.36 billion, a P/E ratio of 39.62, a P/E/G ratio of 1.20 and a beta of 1.56. The stock has a 50 day simple moving average of $481.01 and a two-hundred day simple moving average of $515.08. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology's revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.07 earnings per share. On average, equities analysts anticipate that Spotify Technology will post 14.72 earnings per share for the current year.

Insiders Place Their Bets

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the business's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares of the company's stock, valued at $33,560,425.39. The trade was a 7.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 111,442 shares of company stock valued at $54,647,508 over the last 90 days. Company insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

SPOT has been the subject of several recent analyst reports. Weiss Ratings raised Spotify Technology from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, May 4th. Benchmark cut their price objective on Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Morgan Stanley upped their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an "overweight" rating in a research note on Friday, May 22nd. KeyCorp cut their target price on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. Finally, Guggenheim cut their target price on Spotify Technology from $600.00 to $565.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus price target of $655.92.

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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