Owl Creek Asset Management L.P. Takes $6.15 Million Position in Spotify Technology $SPOT

Owl Creek Asset Management L.P. bought a new position in Spotify Technology (NYSE:SPOT) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 12,678 shares of the company’s stock, valued at approximately $6,148,000. Spotify Technology comprises 0.4% of Owl Creek Asset Management L.P.’s holdings, making the stock its 18th biggest position.

Other large investors have also recently modified their holdings of the company. Lazard Asset Management LLC grew its stake in Spotify Technology by 51.4% in the 1st quarter. Lazard Asset Management LLC now owns 46,159 shares of the company’s stock valued at $22,383,000 after buying an additional 15,665 shares in the last quarter. ABS Direct Equity Fund LLC purchased a new stake in shares of Spotify Technology in the first quarter worth about $175,000. Sculptor Capital LP bought a new position in shares of Spotify Technology in the first quarter valued at approximately $66,918,000. Blue Chip Partners LLC bought a new position in shares of Spotify Technology in the first quarter valued at approximately $548,000. Finally, Ardmore Road Asset Management LP grew its stake in Spotify Technology by 34.3% during the first quarter. Ardmore Road Asset Management LP now owns 70,000 shares of the company’s stock valued at $33,944,000 after acquiring an additional 17,893 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology News Roundup

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 Stock Up 0.1%

SPOT opened at $483.27 on Monday. The business’s fifty day simple moving average is $481.62 and its 200 day simple moving average is $487.62. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30. The stock has a market cap of $99.49 billion, a PE ratio of 38.51, a P/E/G ratio of 1.19 and a beta of 1.56.

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

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the completion of the sale, the chief executive officer directly owned 20,492 shares in the company, valued at approximately $8,826,314.24. The trade was a 50.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Rosenblatt Securities lowered 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. Cantor Fitzgerald boosted their price target on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Wells Fargo & Company decreased their price target on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. The Goldman Sachs Group lowered their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Two equities research 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, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.

About Spotify Technology

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.