Tiger Global Management LLC Boosts Stake in Spotify Technology $SPOT

Tiger Global Management LLC boosted its stake in Spotify Technology (NYSE:SPOT) by 25.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,580,761 shares of the company’s stock after purchasing an additional 319,300 shares during the period. Spotify Technology comprises approximately 3.4% of Tiger Global Management LLC’s portfolio, making the stock its 11th largest position. Tiger Global Management LLC owned 0.77% of Spotify Technology worth $766,527,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sivia Capital Partners LLC acquired a new stake in shares of Spotify Technology in the second quarter valued at $312,000. Jump Financial LLC raised its holdings in shares of Spotify Technology by 5.2% in the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock valued at $869,000 after buying an additional 56 shares during the period. Cary Street Partners Financial LLC acquired a new position in Spotify Technology during the 2nd quarter worth about $178,000. NewEdge Advisors LLC lifted its stake in Spotify Technology by 36.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after acquiring an additional 3,412 shares in the last quarter. Finally, Glenview Trust co purchased a new position in Spotify Technology during the 2nd quarter valued at about $298,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

More 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

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Wells Fargo & Company dropped their target price on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Weiss Ratings lowered shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. The Goldman Sachs Group dropped their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Finally, Rosenblatt Securities cut their target price on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.

Insider Activity

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total value of $8,973,189.76. Following the sale, the chief executive officer directly owned 20,492 shares in the company, valued at $8,826,314.24. This trade represents a 50.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction dated 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 sale, the director directly owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 111,442 shares of company stock valued at $54,757,553. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Up 3.0%

NYSE SPOT opened at $483.27 on Friday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30. The stock has a market capitalization of $99.49 billion, a PE ratio of 38.51, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. The firm has a 50 day moving average of $481.62 and a two-hundred day moving average of $488.36.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share 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 business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the business earned $1.07 EPS. The company’s revenue was up 8.2% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

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.