Tidal Investments LLC Trims Stake in Spotify Technology $SPOT

Tidal Investments LLC lessened its stake in shares of Spotify Technology (NYSE:SPOT) by 31.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,704 shares of the company’s stock after selling 8,684 shares during the quarter. Tidal Investments LLC’s holdings in Spotify Technology were worth $8,588,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. California State Teachers Retirement System raised its holdings in shares of Spotify Technology by 41,067.3% in the second quarter. California State Teachers Retirement System now owns 74,357,940 shares of the company’s stock worth $34,139,961,000 after acquiring an additional 74,177,316 shares during the last quarter. State Street Corp boosted its stake in shares of Spotify Technology by 1.9% during the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after acquiring an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Spotify Technology by 4.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock valued at $2,247,042,000 after acquiring an additional 149,479 shares during the last quarter. Capital World Investors increased its position in Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after purchasing an additional 133,108 shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in Spotify Technology by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after purchasing an additional 62,887 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SPOT. JPMorgan Chase & Co. upped their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Guggenheim reiterated a “buy” rating and set a $565.00 price target on shares of Spotify Technology in a report on Wednesday, August 5th. Wells Fargo & Company cut their price objective on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. UBS Group reduced their price objective on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Finally, Barclays raised their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Two investment 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $609.05.

Insiders Place Their Bets

In related news, CEO Alex Norström sold 5,436 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total value of $2,729,415.60. Following the completion of the sale, the chief executive officer directly owned 66,773 shares in the company, valued at approximately $33,526,723.30. This represents a 7.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 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 firm’s stock in a transaction dated Monday, August 3rd. The shares were 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 in the company, valued at $10,216,828.08. This trade represents a 50.84% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 52,538 shares of company stock valued at $25,878,250. 0.40% of the stock is owned by corporate insiders.

Spotify Technology Trading Up 1.0%

Shares of SPOT opened at $526.99 on Friday. The stock’s fifty day simple moving average is $508.83 and its 200 day simple moving average is $493.86. The firm has a market capitalization of $108.50 billion, a P/E ratio of 32.81, a price-to-earnings-growth ratio of 1.55 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 released its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.13). Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.47 billion. During the same period in the prior year, the firm earned ($0.42) earnings per share. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. Sell-side analysts predict that Spotify Technology will post 14.29 earnings per share for the current year.

About Spotify Technology

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.