Engineers Gate Manager LP Has $27.65 Million Holdings in Spotify Technology $SPOT

Engineers Gate Manager LP trimmed its position in Spotify Technology (NYSE:SPOT) by 11.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 47,611 shares of the company’s stock after selling 6,203 shares during the period. Engineers Gate Manager LP’s holdings in Spotify Technology were worth $27,648,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp acquired a new position in Spotify Technology in the 3rd quarter worth about $26,000. JPL Wealth Management LLC bought a new stake in shares of Spotify Technology during the third quarter worth about $35,000. Kemnay Advisory Services Inc. bought a new stake in shares of Spotify Technology during the fourth quarter worth about $32,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Spotify Technology in the fourth quarter valued at approximately $35,000. Finally, Wilmington Savings Fund Society FSB increased its stake in shares of Spotify Technology by 85.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after buying an additional 30 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Buying and Selling at Spotify Technology

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the sale, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction dated 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 transaction, the director directly owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is owned by corporate insiders.

Spotify Technology Stock Performance

Spotify Technology stock opened at $456.54 on Thursday. The firm has a market cap of $93.99 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 1.15 and a beta of 1.56. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00. The firm has a 50 day moving average price of $481.68 and a two-hundred day moving average price of $507.77.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period in the prior year, the firm posted $1.07 EPS. The company’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, equities research analysts predict that Spotify Technology will post 14.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on SPOT shares. Benchmark cut their target price on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Daiwa Securities Group initiated coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective on the stock. Finally, Arete Research raised 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. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus price target of $652.16.

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.