Engineers Gate Manager LP Has $27.65 Million Stake in Spotify Technology $SPOT

Engineers Gate Manager LP reduced its position in shares of Spotify Technology (NYSE:SPOT) by 11.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 47,611 shares of the company’s stock after selling 6,203 shares during the period. Engineers Gate Manager LP’s holdings in Spotify Technology were worth $27,648,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock valued at $2,736,450,000 after acquiring an additional 89,951 shares during the period. Price T Rowe Associates Inc. MD increased its position in Spotify Technology by 4.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after acquiring an additional 149,479 shares during the period. Capital World Investors raised its stake in Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after purchasing an additional 133,108 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after purchasing an additional 62,887 shares during the period. Finally, Coatue Management LLC boosted its holdings in 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 period. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on SPOT. Citizens Jmp raised their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Morgan Stanley increased their price target on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. UBS Group lowered their price objective on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a report on Thursday, February 26th. Finally, KeyCorp cut their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $652.16.

Insider Activity at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the completion of the sale, the chief executive officer directly owned 20,609 shares in the company, valued at $9,758,773.68. This represents a 50.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm’s stock in a transaction dated 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 completion of the sale, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. This trade represents a 84.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock worth $54,647,508 in the last three months. Insiders own 0.40% of the company’s stock.

Spotify Technology Trading Down 2.8%

Shares of Spotify Technology stock opened at $456.54 on Thursday. The company has a market cap of $93.99 billion, a PE ratio of 36.38, a price-to-earnings-growth ratio of 1.15 and a beta of 1.56. The company has a 50 day moving average of $481.68 and a 200-day moving average of $507.77. 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 data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating 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 business had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the previous year, the business earned $1.07 earnings per share. The company’s revenue was up 8.2% on a year-over-year basis. Research analysts forecast that Spotify Technology will post 14.68 earnings per share for the current year.

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.