Insight Holdings Group LLC Has $15.23 Million Stake in Spotify Technology $SPOT

Insight Holdings Group LLC grew its position in Spotify Technology (NYSE:SPOT) by 317.6% during the first quarter, HoldingsChannel reports. The firm owned 31,400 shares of the company’s stock after buying an additional 23,880 shares during the period. Spotify Technology comprises approximately 1.1% of Insight Holdings Group LLC’s portfolio, making the stock its 13th largest holding. Insight Holdings Group LLC’s holdings in Spotify Technology were worth $15,226,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of SPOT. State Street Corp raised its stake in Spotify Technology by 1.9% during the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after buying an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD boosted 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 valued at $2,247,042,000 after acquiring an additional 149,479 shares during the last quarter. Capital World Investors boosted its position in Spotify Technology by 4.9% during the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after acquiring an additional 133,108 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Spotify Technology by 2.4% during the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after acquiring an additional 62,887 shares during the period. Finally, Coatue Management LLC grew its holdings in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after acquiring an additional 647,708 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Up 3.0%

NYSE:SPOT opened at $483.27 on Friday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $748.30. The stock has a market capitalization of $99.49 billion, a price-to-earnings ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56. The firm has a fifty day simple moving average of $481.62 and a two-hundred day simple moving average of $488.36.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.07 earnings per share. Equities analysts predict that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Spotify Technology news, 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 value of $2,880,902.00. Following the transaction, the director owned 3,619 shares in the company, valued at approximately $1,903,594. This represents a 60.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $480.86, for a total value of $2,613,954.96. Following the completion of the transaction, the chief executive officer owned 67,582 shares in the company, valued at approximately $32,497,480.52. The trade was a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 111,442 shares of company stock worth $54,757,553 over the last 90 days. 0.40% of the stock is owned by company insiders.

Key Stories Impacting Spotify Technology

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

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Wells Fargo & Company lowered their price objective on Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Morgan Stanley raised their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. JPMorgan Chase & Co. raised their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Rosenblatt Securities lowered their target price on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. Finally, KeyCorp dropped their price target on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. Two investment 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 company. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $630.70.

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.