WINTON GROUP Ltd Acquires Shares of 31,421 Spotify Technology $SPOT

WINTON GROUP Ltd acquired a new position in shares of Spotify Technology (NYSE:SPOT) in the second quarter, HoldingsChannel.com reports. The fund acquired 31,421 shares of the company’s stock, valued at approximately $14,426,000.

Other hedge funds also recently made changes to their positions in the company. JPL Wealth Management LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at about $35,000. Kemnay Advisory Services Inc. purchased a new position in Spotify Technology during the fourth quarter worth about $32,000. Pin Oak Investment Advisors Inc. purchased a new position in Spotify Technology during the second quarter worth about $27,000. Osbon Capital Management LLC acquired a new stake in Spotify Technology in the fourth quarter valued at about $35,000. Finally, Wilmington Savings Fund Society FSB boosted its holdings in Spotify Technology by 85.7% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company’s stock valued at $38,000 after purchasing an additional 30 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of several recent analyst reports. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Cantor Fitzgerald raised their price target on Spotify Technology from $510.00 to $530.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Benchmark dropped their price objective on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company cut their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $609.05.

Spotify Technology Trading Down 0.9%

SPOT stock opened at $523.99 on Thursday. The company’s 50-day moving average price is $507.26 and its 200 day moving average price is $493.41. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $745.00. The company has a market cap of $107.88 billion, a P/E ratio of 32.63, a P/E/G ratio of 1.56 and a beta of 1.59.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The company had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.47 billion. During the same period last year, the business posted ($0.42) earnings per share. The company’s quarterly revenue was up 13.9% on a year-over-year basis. On average, equities research analysts expect that Spotify Technology will post 14.29 earnings per share for the current year.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Söderström sold 20,833 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $507.24, for a total transaction of $10,567,330.92. Following the sale, the chief executive officer directly owned 20,142 shares in the company, valued at approximately $10,216,828.08. The trade was a 50.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norström sold 5,436 shares of the business’s 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 sale, the chief executive officer owned 66,773 shares in the company, valued at approximately $33,526,723.30. The trade was a 7.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 52,538 shares of company stock worth $25,878,250. Insiders own 0.40% of the company’s stock.

Spotify Technology Profile

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.