Katamaran Capital LLP Has $2.97 Million Stake in Spotify Technology $SPOT

Katamaran Capital LLP reduced its stake in Spotify Technology (NYSE:SPOT) by 45.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,123 shares of the company’s stock after selling 5,007 shares during the quarter. Spotify Technology accounts for 2.4% of Katamaran Capital LLP’s portfolio, making the stock its 14th largest position. Katamaran Capital LLP’s holdings in Spotify Technology were worth $2,969,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in SPOT. State Street Corp boosted its position in shares of 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 period. Price T Rowe Associates Inc. MD boosted its position in Spotify Technology by 4.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock worth $2,247,042,000 after acquiring an additional 149,479 shares during the last quarter. Capital World Investors grew its stake in shares of Spotify Technology by 4.9% during the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock worth $1,663,024,000 after acquiring an additional 133,108 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Spotify Technology by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock valued at $1,547,890,000 after purchasing an additional 62,887 shares during the last quarter. Finally, Coatue Management LLC lifted its position in shares of Spotify Technology by 35.9% in the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after purchasing an additional 647,708 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Insider Activity at Spotify Technology

In related news, Director Christopher P. Marshall sold 2,650 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares in the company, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of Spotify Technology stock in a transaction dated 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 of the company’s stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 111,442 shares of company stock worth $54,757,553 over the last ninety days. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Rosenblatt Securities cut their price target on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research report on Thursday, July 9th. Weiss Ratings downgraded shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Daiwa Securities Group initiated coverage on Spotify Technology in a report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective for the company. Finally, UBS Group lowered their target price on Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research report on Friday, July 10th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $638.58.

Key Headlines Impacting Spotify Technology

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

• Positive Sentiment: Spotify launched a conversational AI assistant for Premium users, allowing listeners to request music and get personalized help inside the app, a potential engagement and retention boost. Spotify expands its AI push with a ChatGPT-like music assistant
• Positive Sentiment: Multiple outlets highlighted the new AI experience as a major upgrade to Spotify’s app, reinforcing the company’s push to use artificial intelligence to improve discovery and user satisfaction. Spotify’s new conversational AI can play tracks you request and answer your music questions
• Positive Sentiment: Spotify’s new controls for Release Radar may help users find new music more easily, supporting better discovery and longer time spent in the app. Spotify just gave Release Radar new controls so you can find new music your way

Spotify Technology Trading Up 0.2%

NYSE:SPOT opened at $480.56 on Wednesday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30. The firm has a fifty day simple moving average of $473.01 and a 200 day simple moving average of $493.29. The stock has a market capitalization of $98.94 billion, a PE ratio of 38.29, a P/E/G ratio of 1.18 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted its quarterly 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. 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 company’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.07 earnings per share. On average, equities analysts predict that Spotify Technology will post 14.62 earnings per share 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.