Delta Global Management LP Boosts Position in Spotify Technology $SPOT

Delta Global Management LP grew its stake in Spotify Technology (NYSE:SPOT) by 2.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,697 shares of the company’s stock after buying an additional 1,672 shares during the quarter. Spotify Technology makes up 1.6% of Delta Global Management LP’s portfolio, making the stock its 11th biggest holding. Delta Global Management LP’s holdings in Spotify Technology were worth $34,667,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. KERR FINANCIAL PLANNING Corp purchased a new stake in Spotify Technology in the third quarter worth about $26,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Spotify Technology during the fourth quarter worth about $35,000. JPL Wealth Management LLC purchased a new stake in shares of Spotify Technology during the third quarter worth about $35,000. Wilmington Savings Fund Society FSB grew its position in shares of Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares in the last quarter. Finally, Kozak & Associates Inc. grew its position 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. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. JPMorgan Chase & Co. increased their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Pivotal Research cut their target price on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research report on Wednesday, April 29th. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price for the company in a research report on Thursday, February 26th. Cantor Fitzgerald increased their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Finally, Citizens Jmp increased their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $652.16.

Insider Activity

In related news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the completion of the sale, the chief executive officer directly owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the sale, the director directly owned 3,619 shares of the company’s stock, valued at $1,903,594. This represents a 60.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 111,442 shares of company stock worth $54,647,508 in the last three months. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

NYSE:SPOT opened at $479.38 on Tuesday. The firm has a market capitalization of $98.69 billion, a price-to-earnings ratio of 38.20, a PEG ratio of 1.18 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The business has a 50 day simple moving average of $482.58 and a 200-day simple moving average of $509.61.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the company earned $1.07 EPS. Spotify Technology’s quarterly revenue was up 8.2% compared to the same quarter last year. As a group, analysts expect that Spotify Technology will post 14.71 earnings per share for the current fiscal year.

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.