Spotify Technology $SPOT Stake Trimmed by Renaissance Technologies LLC

Renaissance Technologies LLC lessened its stake in shares of Spotify Technology (NYSE:SPOT) by 66.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 198,116 shares of the company’s stock after selling 393,512 shares during the quarter. Renaissance Technologies LLC’s holdings in Spotify Technology were worth $96,068,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Portus Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the first quarter valued at approximately $32,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $32,000. Whipplewood Advisors LLC boosted its stake in Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after purchasing an additional 55 shares during the period. Palladiem LLC acquired a new position in Spotify Technology in the 1st quarter worth approximately $34,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in Spotify Technology in the 4th quarter worth approximately $35,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SPOT. Pivotal Research cut their target price on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. Benchmark decreased their target price on Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a research report on Wednesday. Cantor Fitzgerald raised their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Morgan Stanley lifted their price target on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Finally, UBS Group dropped their price target on Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $630.70.

Key Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $483.27 on Friday. Spotify Technology has a one year low of $405.00 and a one year high of $748.30. The business’s 50-day moving average price is $481.62 and its two-hundred day moving average price is $488.36. The company has a market capitalization of $99.49 billion, a P/E ratio of 38.51, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the business earned $1.07 EPS. On average, equities analysts anticipate that Spotify Technology will post 14.51 EPS for the current year.

Insider Transactions at Spotify Technology

In related news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the transaction, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the transaction, the director directly owned 3,619 shares in the company, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 111,442 shares of company stock valued at $54,757,553 in the last ninety days. 0.40% of the stock is currently owned by insiders.

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.