Delta Global Management LP Buys 1,672 Shares of Spotify Technology $SPOT

Delta Global Management LP grew its holdings in shares of Spotify Technology (NYSE:SPOT) by 2.9% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 59,697 shares of the company’s stock after buying an additional 1,672 shares during the period. Spotify Technology makes up 1.6% of Delta Global Management LP’s investment portfolio, making the stock its 11th largest holding. Delta Global Management LP’s holdings in Spotify Technology were worth $34,667,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Quadcap Wealth Management LLC raised its position in shares of 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 position in shares of Spotify Technology by 2.9% during the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after purchasing an additional 18 shares during the period. Ameritas Advisory Services LLC raised its position in Spotify Technology by 7.9% in the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock valued at $181,000 after buying an additional 19 shares during the last quarter. Aprio Wealth Management LLC raised its position in Spotify Technology by 3.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after buying an additional 19 shares during the last quarter. Finally, Petra Financial Advisors Inc. raised its position in Spotify Technology by 1.2% in the 3rd quarter. Petra Financial Advisors Inc. now owns 1,639 shares of the company’s stock valued at $1,144,000 after buying an additional 20 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SPOT has been the subject of a number of analyst reports. Benchmark lowered their price target on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Wall Street Zen lowered Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Guggenheim decreased their target price on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Canaccord Genuity Group decreased their target price on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Finally, The Goldman Sachs Group decreased their target price on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $652.16.

Spotify Technology Price Performance

NYSE:SPOT opened at $479.38 on Tuesday. The business has a 50 day moving average of $482.58 and a 200 day moving average of $509.61. The company has a market capitalization of $98.69 billion, a price-to-earnings ratio of 38.20, a PEG ratio of 1.18 and a beta of 1.56. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The business had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.07 EPS. As a group, sell-side analysts anticipate that Spotify Technology will post 14.71 EPS for the current year.

Insider Activity

In related news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction that occurred on 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 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16. Following the sale, the chief executive officer owned 20,609 shares in the company, valued at $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 111,442 shares of company stock valued at $54,647,508. 0.40% of the stock is owned by insiders.

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.