Y Intercept Hong Kong Ltd Has $14.42 Million Position in Spotify Technology $SPOT

Y Intercept Hong Kong Ltd grew its position in Spotify Technology (NYSE:SPOT) by 399.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,738 shares of the company’s stock after acquiring an additional 23,786 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Spotify Technology were worth $14,420,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Quadcap Wealth Management LLC grew its holdings in Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after purchasing an additional 16 shares during the period. Sagespring Wealth Partners LLC raised its stake in Spotify Technology by 2.9% in the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after buying an additional 18 shares during the period. Modern Wealth Management LLC raised its stake in Spotify Technology by 7.4% in the third quarter. Modern Wealth Management LLC now owns 289 shares of the company’s stock valued at $202,000 after buying an additional 20 shares during the period. Objectivity Squared LLC lifted its position in shares of Spotify Technology by 0.8% in the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock valued at $1,499,000 after buying an additional 20 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Spotify Technology by 1.4% in the fourth quarter. GAMMA Investing LLC now owns 1,667 shares of the company’s stock valued at $968,000 after buying an additional 23 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Up 2.7%

Shares of SPOT stock opened at $485.14 on Friday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The company has a market capitalization of $99.88 billion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 1.16 and a beta of 1.56. The firm has a 50 day moving average price of $471.41 and a two-hundred day moving average price of $498.50.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for 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 firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.07 earnings per share. As a group, research analysts expect that Spotify Technology will post 14.62 EPS for the current year.

Insider Transactions at Spotify Technology

In related news, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction 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 completion of the sale, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total value of $10,344,001.16. Following the completion of the transaction, the chief executive officer directly owned 20,376 shares in the company, valued at approximately $10,117,091.52. This represents a 50.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 85,173 shares of company stock valued at $42,176,049. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SPOT. Barclays lifted their target price on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Canaccord Genuity Group cut their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Daiwa Securities Group began coverage on Spotify Technology in a report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target for the company. Benchmark reduced their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Finally, KeyCorp decreased their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $641.83.

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.