Southpoint Capital Advisors LP Makes New Investment in Spotify Technology $SPOT

Southpoint Capital Advisors LP purchased a new position in shares of Spotify Technology (NYSE:SPOT) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 400,000 shares of the company’s stock, valued at approximately $193,964,000. Spotify Technology accounts for 4.0% of Southpoint Capital Advisors LP’s holdings, making the stock its 10th largest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Spotify Technology in the 4th quarter valued at $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock worth $724,251,000 after acquiring an additional 1,163,045 shares in the last quarter. Coatue Management LLC boosted its holdings in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after acquiring an additional 647,708 shares during the period. National Pension Service purchased a new position in Spotify Technology during the 4th quarter valued at about $316,278,000. Finally, Swedbank AB grew its position in Spotify Technology by 37.9% in the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock valued at $938,614,000 after acquiring an additional 444,162 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Spotify Technology

In other news, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director directly owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was 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 in the company, valued at $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. In the last 90 days, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by company insiders.

Spotify Technology Price Performance

SPOT opened at $495.05 on Tuesday. The business has a fifty day moving average price of $482.63 and a 200 day moving average price of $487.08. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The stock has a market capitalization of $101.92 billion, a price-to-earnings ratio of 39.45, a PEG 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 (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for 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%.Spotify Technology’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 EPS. On average, research analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. KeyCorp cut their price target on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Wells Fargo & Company lowered their price objective on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research note on Thursday, July 9th. Benchmark dropped their price objective on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a report on Wednesday, July 22nd. Guggenheim cut their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Finally, Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $630.70.

Spotify Technology 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.