Polar Asset Management Partners Inc. Has $1.50 Million Stock Holdings in Spotify Technology $SPOT

Polar Asset Management Partners Inc. lowered its stake in shares of Spotify Technology (NYSE:SPOT) by 74.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,100 shares of the company’s stock after selling 9,100 shares during the period. Polar Asset Management Partners Inc.’s holdings in Spotify Technology were worth $1,503,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Quadcap Wealth Management LLC boosted its position in Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after purchasing an additional 16 shares during the last quarter. Objectivity Squared LLC increased its position in Spotify Technology by 0.8% in the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after purchasing an additional 20 shares during the last quarter. Greenleaf Trust increased its position in Spotify Technology by 5.8% in the 4th quarter. Greenleaf Trust now owns 455 shares of the company’s stock worth $264,000 after purchasing an additional 25 shares during the last quarter. Condor Capital Management raised its stake in shares of Spotify Technology by 2.6% during the 4th quarter. Condor Capital Management now owns 990 shares of the company’s stock worth $575,000 after purchasing an additional 25 shares in the last quarter. Finally, Brookstone Capital Management lifted its holdings in shares of Spotify Technology by 1.6% during the 4th quarter. Brookstone Capital Management now owns 1,698 shares of the company’s stock valued at $986,000 after buying an additional 27 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 2.6%

NYSE SPOT opened at $495.05 on Tuesday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The company has a fifty day simple moving average of $482.63 and a 200 day simple moving average of $487.08. The company has a market cap of $101.92 billion, a P/E ratio of 39.45, a P/E/G ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 EPS. Equities research analysts forecast that Spotify Technology will post 14.51 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SPOT. Pivotal Research lowered their price target on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday. Benchmark reduced their target price on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Rosenblatt Securities decreased their target price on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Finally, Barclays increased their price target on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $630.70.

Insider Buying and Selling

In related news, Director Thomas O. Staggs sold 5,477 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,903,594. The trade was a 60.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 111,442 shares of company stock valued at $54,757,553 in the last quarter. Insiders own 0.40% of the company’s stock.

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.