Sycale Advisors NY LLC Grows Holdings in Spotify Technology $SPOT

Sycale Advisors NY LLC boosted its position in shares of Spotify Technology (NYSE:SPOT) by 18.5% in the first quarter, Holdings Channel reports. The firm owned 42,731 shares of the company’s stock after purchasing an additional 6,656 shares during the period. Spotify Technology accounts for 10.3% of Sycale Advisors NY LLC’s investment portfolio, making the stock its 2nd biggest holding. Sycale Advisors NY LLC’s holdings in Spotify Technology were worth $20,721,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Portus Wealth Advisors LLC acquired a new stake in Spotify Technology in the first quarter worth $32,000. Kemnay Advisory Services Inc. acquired a new position in shares of Spotify Technology in the 4th quarter valued at $32,000. Whipplewood Advisors LLC grew its holdings in shares of Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after buying an additional 55 shares during the period. Palladiem LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at $34,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Spotify Technology in the 4th quarter valued at $35,000. Institutional investors own 84.09% of the company’s stock.

Insider Buying and Selling

In related news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction on Monday, July 6th. The shares were sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the completion of the transaction, the chief executive officer owned 67,582 shares in the company, valued at approximately $32,497,480.52. This represents a 7.44% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director directly owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 111,442 shares of company stock valued at $54,757,553 over the last ninety days. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

NYSE:SPOT opened at $474.72 on Thursday. The stock has a 50-day simple moving average of $479.93 and a 200 day simple moving average of $489.13. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The company has a market cap of $97.74 billion, a PE ratio of 37.83, a PEG ratio of 1.22 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the previous year, the business posted $1.07 EPS. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, research analysts predict that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have weighed in on SPOT. Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Wells Fargo & Company lowered their price target on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. Benchmark dropped their price target on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research report on Wednesday. KeyCorp dropped their price target on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 29th. Finally, Rosenblatt Securities cut their price objective on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.