Delta Global Management LP Grows Stock Holdings in Spotify Technology $SPOT

Delta Global Management LP raised its position in shares of Spotify Technology (NYSE:SPOT) by 2.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 59,697 shares of the company’s stock after buying an additional 1,672 shares during the quarter. Spotify Technology comprises about 1.6% of Delta Global Management LP’s investment portfolio, making the stock its 12th largest holding. Delta Global Management LP’s holdings in Spotify Technology were worth $34,667,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SPOT. Norges Bank purchased a new stake in shares of Spotify Technology during the fourth quarter valued at about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Spotify Technology by 1,382.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock valued at $724,251,000 after buying an additional 1,163,045 shares during the last quarter. Capital World Investors raised its position in shares of Spotify Technology by 40.7% in the 3rd quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after purchasing an additional 789,755 shares during the last quarter. Capital Research Global Investors purchased a new position in shares of Spotify Technology in the 3rd quarter valued at approximately $512,190,000. Finally, Coatue Management LLC raised its position in shares of Spotify Technology by 35.9% in the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after purchasing an additional 647,708 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total value of $18,600,327.40. Following the transaction, the director owned 6,383 shares in the company, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the transaction, the director owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 111,442 shares of company stock worth $54,647,508 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Spotify Technology Trading Down 1.9%

Shares of NYSE:SPOT opened at $470.81 on Wednesday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company’s 50 day moving average is $482.23 and its 200 day moving average is $508.74. The company has a market cap of $96.93 billion, a PE ratio of 37.51, a price-to-earnings-growth ratio of 1.17 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 for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter in the prior year, the company earned $1.07 EPS. Spotify Technology’s quarterly revenue was up 8.2% on a year-over-year basis. Equities research analysts predict that Spotify Technology will post 14.71 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Cantor Fitzgerald increased their price objective 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. KeyCorp decreased their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Daiwa Securities Group assumed coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $652.16.

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.