Boothbay Fund Management LLC Purchases Shares of 3,025 Spotify Technology S.A. (NYSE:SPOT)

Posted by on Mar 4th, 2023

Boothbay Fund Management LLC purchased a new stake in Spotify Technology S.A. (NYSE:SPOT – Get Rating) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,025 shares of the company’s stock, valued at approximately $261,000.

Several other institutional investors also recently modified their holdings of SPOT. Baillie Gifford & Co. increased its holdings in shares of Spotify Technology by 12.8% in the second quarter. Baillie Gifford & Co. now owns 26,199,637 shares of the company’s stock valued at $2,458,313,000 after buying an additional 2,971,063 shares in the last quarter. Samlyn Capital LLC grew its holdings in shares of Spotify Technology by 394.4% during the third quarter. Samlyn Capital LLC now owns 453,792 shares of the company’s stock valued at $39,162,000 after buying an additional 362,003 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Spotify Technology by 135.4% during the second quarter. Renaissance Technologies LLC now owns 591,700 shares of the company’s stock valued at $55,519,000 after buying an additional 340,300 shares in the last quarter. Alecta Tjanstepension Omsesidigt grew its holdings in shares of Spotify Technology by 9.0% during the third quarter. Alecta Tjanstepension Omsesidigt now owns 3,035,600 shares of the company’s stock valued at $261,790,000 after buying an additional 250,000 shares in the last quarter. Finally, BlackRock Inc. grew its holdings in shares of Spotify Technology by 6.3% during the first quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock valued at $611,049,000 after buying an additional 241,026 shares in the last quarter. Institutional investors own 52.80% of the company’s stock.

Spotify Technology Stock Performance

NYSE SPOT opened at $123.74 on Friday. Spotify Technology S.A. has a twelve month low of $69.29 and a twelve month high of $160.06. The stock has a market capitalization of $23.92 billion, a PE ratio of -40.05 and a beta of 1.75. The stock has a 50-day simple moving average of $104.64 and a 200 day simple moving average of $94.40.

Spotify Technology (NYSE:SPOT – Get Rating) last posted its quarterly earnings data on Tuesday, January 31st. The company reported ($1.43) earnings per share for the quarter, missing the consensus estimate of ($1.28) by ($0.15). Spotify Technology had a negative return on equity of 17.78% and a negative net margin of 3.48%. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.26 billion. As a group, equities research analysts forecast that Spotify Technology S.A. will post -2.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SPOT shares. Benchmark lifted their price target on Spotify Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday, January 30th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, February 1st. Pivotal Research boosted their target price on Spotify Technology from $100.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, February 1st. Deutsche Bank Aktiengesellschaft boosted their target price on Spotify Technology from $100.00 to $105.00 in a research note on Monday, January 30th. Finally, Raymond James boosted their target price on Spotify Technology from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, February 1st. Eight equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $132.73.

About Spotify Technology

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Spotify Technology SA is a digital music service offering music fans instant access to a world of music. It operates through the Premium and Ad-Supported segments. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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