Spotify Technology $SPOT Shares Acquired by Delta Global Management LP

Delta Global Management LP lifted its position in shares of Spotify Technology (NYSE:SPOT) by 2.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 59,697 shares of the company’s stock after acquiring an additional 1,672 shares during the period. Spotify Technology comprises 1.6% of Delta Global Management LP’s investment portfolio, making the stock its 12th biggest holding. Delta Global Management LP’s holdings in Spotify Technology were worth $34,667,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $26,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $32,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Spotify Technology during the 4th quarter worth approximately $35,000. JPL Wealth Management LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $35,000. Finally, Wilmington Savings Fund Society FSB grew its stake in shares of Spotify Technology by 85.7% during the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $470.81 on Wednesday. The company’s fifty day moving average price is $482.23 and its 200 day moving average price is $508.74. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The stock has a market capitalization of $96.93 billion, a P/E ratio of 37.51, a P/E/G ratio of 1.17 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (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 firm had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the company earned $1.07 EPS. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. Sell-side analysts predict that Spotify Technology will post 14.71 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on SPOT. Benchmark dropped their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Canaccord Genuity Group dropped their price objective on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note 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 cut shares of Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Rosenblatt Securities lifted their price target on shares of Spotify Technology from $500.00 to $534.00 and gave the company a “neutral” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $652.16.

Insider Transactions at Spotify Technology

In related news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were 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 owned 6,383 shares in the company, valued at $3,355,734.59. The trade was a 84.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 111,442 shares of company stock worth $54,647,508 in the last ninety days. Company insiders own 0.40% of the company’s stock.

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.