Styrax Capital LP Has $72.74 Million Stock Holdings in Spotify Technology $SPOT

Styrax Capital LP raised its position in shares of Spotify Technology (NYSE:SPOT) by 32.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 150,000 shares of the company’s stock after acquiring an additional 36,758 shares during the period. Spotify Technology makes up 5.1% of Styrax Capital LP’s portfolio, making the stock its 10th biggest holding. Styrax Capital LP’s holdings in Spotify Technology were worth $72,736,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. boosted its stake in Spotify Technology by 12.9% in the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after purchasing an additional 73,722 shares in the last quarter. City Holding Co. increased its stake in shares of Spotify Technology by 2,515.9% in the fourth quarter. City Holding Co. now owns 5,598 shares of the company’s stock valued at $3,251,000 after buying an additional 5,384 shares in the last quarter. Robeco Schweiz AG increased its stake in shares of Spotify Technology by 37.6% in the fourth quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock valued at $10,769,000 after buying an additional 5,071 shares in the last quarter. SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Spotify Technology in the fourth quarter worth about $1,162,000. Finally, Robinhood Asset Management LLC bought a new position in Spotify Technology in the 4th quarter worth approximately $8,233,000. 84.09% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’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 sale, the director directly owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $480.86, for a total value of $2,613,954.96. Following the completion of the sale, the chief executive officer owned 67,582 shares in the company, valued at $32,497,480.52. This represents 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 111,442 shares of company stock worth $54,757,553 in the last 90 days. 0.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on SPOT. Cantor Fitzgerald upped their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday. Citizens Jmp raised their price target on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. UBS Group decreased their price objective on 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, Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $630.70.

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

Spotify Technology Trading Up 0.1%

Shares of SPOT stock opened at $483.27 on Monday. The firm’s fifty day moving average price is $481.62 and its two-hundred day moving average price is $487.62. The firm has a market capitalization of $99.49 billion, a P/E ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30.

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