Daytona Street Capital LLC Acquires Shares of 4,436 Spotify Technology $SPOT

Daytona Street Capital LLC acquired a new stake in shares of Spotify Technology (NYSE:SPOT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,436 shares of the company’s stock, valued at approximately $2,576,000. Spotify Technology comprises 1.7% of Daytona Street Capital LLC’s investment portfolio, making the stock its 17th biggest holding.

Several other institutional investors have also bought and sold shares of SPOT. Sivia Capital Partners LLC bought a new position in Spotify Technology during the second quarter valued at $312,000. CW Advisors LLC lifted its position in Spotify Technology by 36.5% during the second quarter. CW Advisors LLC now owns 1,678 shares of the company’s stock valued at $1,288,000 after purchasing an additional 449 shares during the last quarter. SageView Advisory Group LLC lifted its position in Spotify Technology by 30.2% during the second quarter. SageView Advisory Group LLC now owns 1,113 shares of the company’s stock valued at $780,000 after purchasing an additional 258 shares during the last quarter. Cary Street Partners Investment Advisory LLC bought a new position in Spotify Technology during the second quarter valued at $249,000. Finally, Jump Financial LLC lifted its position in Spotify Technology by 5.2% during the second quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock valued at $869,000 after purchasing an additional 56 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on SPOT. UBS Group lowered their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research report on Friday, January 9th. Weiss Ratings downgraded shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Guggenheim reduced their target price on shares of Spotify Technology from $720.00 to $600.00 and set a “buy” rating on the stock in a research note on Tuesday, February 24th. The Goldman Sachs Group raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and reduced their target price for the company from $735.00 to $700.00 in a research note on Friday, January 23rd. Finally, Moffett Nathanson started coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They issued a “neutral” rating and a $487.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $699.00.

Insider Activity

In related news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the completion of the transaction, the chief executive officer directly owned 20,609 shares in the company, valued at $9,758,773.68. This represents a 50.27% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.40% of the company’s stock.

Spotify Technology Trading Down 1.0%

Shares of SPOT opened at $483.91 on Tuesday. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00. The company has a market cap of $99.63 billion, a P/E ratio of 50.20, a P/E/G ratio of 1.07 and a beta of 1.70. The company’s fifty day simple moving average is $489.25 and its 200-day simple moving average is $570.65.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, beating the consensus estimate of $3.16 by $2.00. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.88 earnings per share. Analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

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.