Spotify Technology $SPOT Shares Bought by Tiger Global Management LLC

Tiger Global Management LLC lifted its stake in shares of Spotify Technology (NYSE:SPOT) by 25.3% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,580,761 shares of the company’s stock after acquiring an additional 319,300 shares during the quarter. Spotify Technology makes up about 3.4% of Tiger Global Management LLC’s investment portfolio, making the stock its 11th biggest position. Tiger Global Management LLC’s holdings in Spotify Technology were worth $766,527,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Portus Wealth Advisors LLC acquired a new stake in Spotify Technology during the 1st quarter worth $32,000. Kemnay Advisory Services Inc. purchased a new stake in Spotify Technology in the fourth quarter valued at $32,000. Whipplewood Advisors LLC boosted its stake in 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 acquiring an additional 55 shares in the last quarter. Palladiem LLC acquired a new position in Spotify Technology in the first quarter valued at $34,000. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of Spotify Technology during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

SPOT has been the subject of several research reports. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Canaccord Genuity Group cut their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Pivotal Research decreased their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Finally, Benchmark lowered their target price on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $630.70.

Spotify Technology News Summary

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

Insider Buying and Selling

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the transaction, the director directly owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated 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 transaction, the director directly owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by insiders.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $483.27 on Friday. The stock has a fifty day moving average price of $481.62 and a 200 day moving average price of $488.36. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30. The company has a market cap of $99.49 billion, a PE ratio of 38.51, a P/E/G ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.07 EPS. Analysts anticipate that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

Spotify Technology Company 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.