Ardmore Road Asset Management LP Has $33.94 Million Holdings in Spotify Technology $SPOT

Ardmore Road Asset Management LP grew its holdings in shares of Spotify Technology (NYSE:SPOT) by 34.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 70,000 shares of the company’s stock after buying an additional 17,893 shares during the period. Spotify Technology makes up 2.2% of Ardmore Road Asset Management LP’s investment portfolio, making the stock its 12th largest holding. Ardmore Road Asset Management LP’s holdings in Spotify Technology were worth $33,944,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quadcap Wealth Management LLC increased its stake in shares of Spotify Technology by 5.7% in the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after acquiring an additional 16 shares in the last quarter. Objectivity Squared LLC increased its stake in Spotify Technology by 0.8% in the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock valued at $1,499,000 after purchasing an additional 20 shares in the last quarter. Greenleaf Trust increased its stake in Spotify Technology by 5.8% in the fourth quarter. Greenleaf Trust now owns 455 shares of the company’s stock valued at $264,000 after purchasing an additional 25 shares in the last quarter. Condor Capital Management raised its holdings in shares of Spotify Technology by 2.6% during the fourth quarter. Condor Capital Management now owns 990 shares of the company’s stock valued at $575,000 after purchasing an additional 25 shares during the period. Finally, Brookstone Capital Management boosted its position 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 worth $986,000 after purchasing an additional 27 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Key Headlines 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 Stock Up 0.1%

SPOT stock opened at $483.27 on Monday. The firm 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. The business has a 50 day moving average of $481.62 and a 200-day moving average of $487.62. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 35.73% and a net margin of 15.56%.The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.07 EPS. On average, research analysts expect that Spotify Technology will post 14.51 earnings per share for the current year.

Wall Street Analyst Weigh In

SPOT has been the subject of several research reports. UBS Group reduced their target price on Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, July 10th. The Goldman Sachs Group cut their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Benchmark reduced their price objective on Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Morgan Stanley boosted their price objective on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $630.70.

Insider Activity

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 stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the sale, the chief executive officer directly owned 20,492 shares in the company, valued at approximately $8,826,314.24. The trade was a 50.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is currently owned by corporate insiders.

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.