Katamaran Capital LLP Has $2.97 Million Stock Holdings in Spotify Technology $SPOT

Katamaran Capital LLP trimmed its stake in shares of Spotify Technology (NYSE:SPOT) by 45.0% in the first quarter, HoldingsChannel reports. The firm owned 6,123 shares of the company’s stock after selling 5,007 shares during the quarter. Spotify Technology accounts for about 2.4% of Katamaran Capital LLP’s holdings, making the stock its 14th largest holding. Katamaran Capital LLP’s holdings in Spotify Technology were worth $2,969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp bought a new position in Spotify Technology in the 3rd quarter valued at about $26,000. Kemnay Advisory Services Inc. bought a new stake in shares of Spotify Technology during the fourth quarter worth approximately $32,000. Portus Wealth Advisors LLC bought a new stake in shares of Spotify Technology during the first quarter worth approximately $32,000. Whipplewood Advisors LLC grew its position in shares of Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after purchasing an additional 55 shares during the last quarter. Finally, JPL Wealth Management LLC bought a new position in shares of Spotify Technology during the third quarter worth approximately $35,000. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. The Goldman Sachs Group dropped their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Citizens Jmp lifted their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. UBS Group reduced their target price on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research report on Friday, July 10th. Finally, Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Sunday. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $638.58.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $480.56 on Wednesday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The stock has a market capitalization of $98.94 billion, a price-to-earnings ratio of 38.29, a price-to-earnings-growth ratio of 1.18 and a beta of 1.56. The company’s 50 day simple moving average is $473.01 and its 200 day simple moving average is $493.29.

Spotify Technology (NYSE:SPOT) last released its 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. The firm had revenue of $5.25 billion during 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 company’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.07 earnings per share. As a group, analysts anticipate that Spotify Technology will post 14.62 EPS for the current fiscal year.

More Spotify Technology News

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify launched a conversational AI assistant for Premium users, allowing listeners to request music and get personalized help inside the app, a potential engagement and retention boost. Spotify expands its AI push with a ChatGPT-like music assistant
• Positive Sentiment: Multiple outlets highlighted the new AI experience as a major upgrade to Spotify’s app, reinforcing the company’s push to use artificial intelligence to improve discovery and user satisfaction. Spotify’s new conversational AI can play tracks you request and answer your music questions
• Positive Sentiment: Spotify’s new controls for Release Radar may help users find new music more easily, supporting better discovery and longer time spent in the app. Spotify just gave Release Radar new controls so you can find new music your way

Insider Activity at Spotify Technology

In other Spotify Technology news, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction dated Friday, May 22nd. The stock was 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 $3,355,734.59. The trade was a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total value of $8,973,189.76. Following the transaction, the chief executive officer directly owned 20,492 shares of the company’s stock, valued at approximately $8,826,314.24. The trade was a 50.41% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 111,442 shares of company stock worth $54,757,553 in the last three months. Insiders own 0.40% of the company’s stock.

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.