Spotify Technology $SPOT Shares Acquired by Engineers Gate Manager LP

Engineers Gate Manager LP increased its stake in shares of Spotify Technology (NYSE:SPOT) by 507.2% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 69,234 shares of the company’s stock after acquiring an additional 57,831 shares during the period. Engineers Gate Manager LP’s holdings in Spotify Technology were worth $31,787,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Montanova Capital LLC lifted its holdings in Spotify Technology by 9,154.5% in the 2nd quarter. Montanova Capital LLC now owns 101,800 shares of the company’s stock worth $46,739,000 after buying an additional 100,700 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. purchased a new position in Spotify Technology in the fourth quarter valued at about $1,162,000. Sycale Advisors NY LLC grew its position in shares of Spotify Technology by 89.6% during the fourth quarter. Sycale Advisors NY LLC now owns 36,075 shares of the company’s stock worth $20,949,000 after buying an additional 17,050 shares in the last quarter. Ally Financial Inc. grew its holdings in Spotify Technology by 100.0% during the 2nd quarter. Ally Financial Inc. now owns 7,000 shares of the company’s stock worth $3,214,000 after acquiring an additional 3,500 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new stake in Spotify Technology in the second quarter valued at about $1,363,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on SPOT. Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 26th. Rosenblatt Securities reduced their price target on shares of Spotify Technology from $531.00 to $527.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 5th. UBS Group lowered their price objective 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. Guggenheim reaffirmed a “buy” rating and set a $565.00 price objective on shares of Spotify Technology in a research report on Wednesday, August 5th. Finally, Citizens Jmp increased their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $609.05.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Alex Norström sold 5,436 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the completion of the transaction, the chief executive officer owned 66,773 shares in the company, valued at approximately $33,526,723.30. The trade was a 7.53% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Söderström sold 20,833 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $507.24, for a total value of $10,567,330.92. Following the completion of the transaction, the chief executive officer directly owned 20,142 shares of the company’s stock, valued at approximately $10,216,828.08. The trade was a 50.84% 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. Insiders have sold a total of 52,538 shares of company stock worth $25,878,250 in the last ninety days. 0.40% of the stock is owned by company insiders.

Spotify Technology Trading Down 0.9%

SPOT opened at $523.99 on Thursday. The business’s 50 day moving average is $507.26 and its 200-day moving average is $493.41. The stock has a market cap of $107.88 billion, a PE ratio of 32.63, a price-to-earnings-growth ratio of 1.56 and a beta of 1.59. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $745.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The business had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.47 billion. During the same period last year, the company earned ($0.42) earnings per share. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. As a group, analysts forecast that Spotify Technology will post 14.29 EPS for the current year.

Spotify Technology Company Profile

Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.

Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.

Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.