SPOTIFY TECHNOLOGY S A SPOT
SHS · Common Stock · CUSIP L8681T102
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* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($475.9m this quarter). Holder counts are more reliable. Shares outstanding: 203.8m as of 2024-12-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $550.52. Options: 41 managers hold calls ($3.3bn notional), 35 hold puts ($3.1bn).
Trends to Q1 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 495 |
| Q4 2022 | 479 |
| Q1 2023 | 547 |
| Q2 2023 | 572 |
| Q3 2023 | 555 |
| Q4 2023 | 657 |
| Q1 2024 | 720 |
| Q2 2024 | 841 |
| Q3 2024 | 911 |
| Q4 2024 | 1,064 |
| Q1 2025 | 1,173 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2023 | 263 | 235 |
| Q3 2023 | 255 | 252 |
| Q4 2023 | 318 | 242 |
| Q1 2024 | 346 | 309 |
| Q2 2024 | 486 | 284 |
| Q3 2024 | 490 | 346 |
| Q4 2024 | 549 | 397 |
| Q1 2025 | 665 | 446 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $1.4bn | $2.5bn | 1.81 |
| Q3 2024 | $3.2bn | $3.7bn | 1.16 |
| Q4 2024 | $3.1bn | $3.9bn | 1.24 |
| Q1 2025 | $3.3bn | $3.1bn | 0.94 |
Biggest buyers
| FMR LLC | Added | +3.0m |
| Fisher Asset Management, LLC | New | +2.0m |
| BlackRock, Inc. | Added | +1.3m |
| JENNISON ASSOCIATES LLC | Added | +1.3m |
| AXIOM INVESTORS LLC /DE | Added | +1.2m |
| BANK OF AMERICA CORP /DE/ | Added | +1.2m |
| EDGEWOOD MANAGEMENT LLC | New | +1.1m |
| Capital World Investors | Added | +1.0m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +552.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Added | +336.2k |
Biggest sellers
| BAILLIE GIFFORD & CO | Reduced | -2.3m |
| VIKING GLOBAL INVESTORS LP | Reduced | -1.4m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -1.2m |
| GQG Partners LLC | Reduced | -977.7k |
| LONE PINE CAPITAL LLC | Sold out | -913.6k |
| Artisan Partners Limited Partnership | Reduced | -657.1k |
| T. Rowe Price Investment Management, Inc. | Reduced | -533.6k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | Reduced | -457.0k |
| WCM INVESTMENT MANAGEMENT, LLC | Reduced | -410.4k |
| Winslow Capital Management, LLC | Reduced | -363.3k |
Biggest calls
| JANE STREET GROUP, LLC | Reduced | $854.5m1.6m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $690.5m1.3m shares |
| CITADEL ADVISORS LLC | Added | $608.7m1.1m shares |
| IMC-Chicago, LLC | Added | $220.0m400.0k shares |
| BANK OF AMERICA CORP /DE/ | Added | $219.5m399.0k shares |
| D. E. Shaw & Co., Inc. | Reduced | $120.7m219.4k shares |
| Squarepoint Ops LLC | Reduced | $99.0m180.0k shares |
| TUDOR INVESTMENT CORP ET AL | Added | $66.3m120.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $49.0m105.0k shares |
| Cubist Systematic Strategies, LLC | Added | $44.1m80.2k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $742.6m1.4m shares |
| CITADEL ADVISORS LLC | Added | $442.6m804.7k shares |
| JANE STREET GROUP, LLC | Reduced | $392.9m714.3k shares |
| GOLDMAN SACHS GROUP INC | Reduced | $314.3m571.5k shares |
| IMC-Chicago, LLC | Reduced | $255.8m465.0k shares |
| D. E. Shaw & Co., Inc. | Reduced | $115.0m209.1k shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | Reduced | $112.2m204.0k shares |
| Squarepoint Ops LLC | Reduced | $93.7m170.3k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $85.4m155.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $65.5m119.1k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Insider purchases and sales in Q1 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q1 2025.
Holders, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.13% of their portfolio | 11.3m $6.2bn | Added +1.3m |
| BAILLIE GIFFORD & CO 5.20% of their portfolio | 10.8m $6.0bn | Reduced -2.3m |
| MORGAN STANLEY 0.27% of their portfolio | 6.8m $3.7bn | Reduced -152.7k |
| JPMORGAN CHASE & CO 0.25% of their portfolio | 6.0m $3.3bn | Added +74.8k |
| FMR LLC 0.18% of their portfolio | 5.1m $2.8bn | Added +3.0m |
| STATE STREET CORP 0.10% of their portfolio | 4.5m $2.5bn | Added +269.9k |
| JENNISON ASSOCIATES LLC 1.64% of their portfolio | 4.2m $2.3bn | Added +1.3m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.64% of their portfolio | 3.5m $1.9bn | Added +112.6k |
| WCM INVESTMENT MANAGEMENT, LLC 4.87% of their portfolio | 3.4m $1.9bn | Reduced -410.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.24% of their portfolio | 2.3m $1.3bn | Reduced -238.8k |
| BANK OF AMERICA CORP /DE/ 0.11% of their portfolio | 2.2m $1.2bn | Added +1.2m |
| Fisher Asset Management, LLC 0.48% of their portfolio | 2.0m $1.1bn | New |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.89% of their portfolio | 2.0m $1.1bn | Added +552.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.13% of their portfolio | 2.0m $1.1bn | Reduced -1.2m |
| SCHRODER INVESTMENT MANAGEMENT GROUP 1.04% of their portfolio | 1.8m $1.0bn | Reduced -77.0k |
| SANDS CAPITAL MANAGEMENT, LLC 3.35% of their portfolio | 1.8m $983.8m | Reduced -70.8k |
| NORTHERN TRUST CORP 0.13% of their portfolio | 1.6m $866.0m | Added +147.6k |
| FORSTA AP-FONDEN 6.50% of their portfolio | 1.6m $857.9m | Added +174.7k |
| COATUE MANAGEMENT LLC 3.74% of their portfolio | 1.5m $848.1m | Added +273.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.07% of their portfolio | 1.5m $829.6m | Added +35.7k |
| AXIOM INVESTORS LLC /DE 3.80% of their portfolio | 1.4m $791.7m | Added +1.2m |
| ACADIAN ASSET MANAGEMENT LLC 2.22% of their portfolio | 1.4m $784.9m | Reduced -26.6k |
| Technology Crossover Management XI, Ltd. 72.70% of their portfolio | 1.3m $713.6m | Unchanged |
| TIGER GLOBAL MANAGEMENT LLC 2.61% of their portfolio | 1.3m $693.8m | Unchanged |
| Invesco Ltd. 0.13% of their portfolio | 1.2m $682.1m | Added +44.3k |
| JANUS HENDERSON GROUP PLC 0.38% of their portfolio | 1.2m $688.5m | Added +104.2k |
| DEUTSCHE BANK AG\ 0.26% of their portfolio | 1.2m $664.4m | Added +255.4k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.17% of their portfolio | 1.2m $648.4m | Added +336.2k |
| GOLDMAN SACHS GROUP INC 0.12% of their portfolio | 1.1m $624.3m | Added +353 |
| Winslow Capital Management, LLC 2.47% of their portfolio | 1.1m $619.4m | Reduced -363.3k |
| AMF Tjanstepension AB 4.47% of their portfolio | 1.1m $605.0m | Unchanged |
| EDGEWOOD MANAGEMENT LLC 2.09% of their portfolio | 1.1m $600.8m | New |
| Legal & General Group Plc 0.16% of their portfolio | 1.1m $598.6m | Added +48.9k |
| Capital World Investors 0.10% of their portfolio | 1.1m $591.4m | Added +1.0m |
| VANGUARD GROUP INC 0.01% of their portfolio | 922.1k $507.2m | Added +36.3k |
| BAMCO INC /NY/ 1.43% of their portfolio | 888.0k $488.4m | Reduced -9.2k |
| RENAISSANCE TECHNOLOGIES LLC 0.68% of their portfolio | 820.2k $451.1m | Reduced -196.4k |
| NORGES BANK 0.06% of their portfolio | 813.9k $447.6m | Reduced -71.4k |
| GQG Partners LLC 0.71% of their portfolio | 812.1k $446.7m | Reduced -977.7k |
| FRANKLIN RESOURCES INC 0.13% of their portfolio | 797.6k $438.7m | Reduced -68.2k |
| Alecta Tjanstepension Omsesidigt 2.38% of their portfolio | 772.4k $425.0m | Reduced -151.0k |
| Amundi 0.16% of their portfolio | 767.6k $428.7m | Added +17.6k |
| Nuveen, LLC 0.12% of their portfolio | 696.6k $383.1m | First filing |
| Sumitomo Mitsui Trust Group, Inc. 0.27% of their portfolio | 684.3k $376.4m | Added +36.8k |
| Artisan Partners Limited Partnership 0.58% of their portfolio | 645.1k $354.8m | Reduced -657.1k |
| Bank of New York Mellon Corp 0.07% of their portfolio | 632.8k $348.0m | Added +16.6k |
| T. Rowe Price Investment Management, Inc. 0.23% of their portfolio | 629.6k $346.3m | Reduced -533.6k |
| SEI INVESTMENTS CO 0.41% of their portfolio | 581.2k $319.6m | Reduced -102.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.10% of their portfolio | 572.7k $315.0m | Reduced -63.6k |
| UBS Group AG 0.07% of their portfolio | 570.4k $313.7m | Reduced -6.8k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.36% of their portfolio | 561.6k $308.9m | Reduced -457.0k |
| LORD, ABBETT & CO. LLC 1.09% of their portfolio | 554.6k $305.0m | Reduced -24.7k |
| FEDERATED HERMES, INC. 0.66% of their portfolio | 554.1k $304.8m | Added +6.5k |
| VOYA INVESTMENT MANAGEMENT LLC 0.16% of their portfolio | 511.4k $281.2m | Added +234.1k |
| Point72 Asset Management, L.P. 0.78% of their portfolio | 505.5k $278.0m | Added +156.1k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 1.05% of their portfolio | 480.9k $264.5m | Reduced -179.7k |
| Polar Capital Holdings Plc 1.53% of their portfolio | 456.6k $251.1m | Added +52.8k |
| TWO SIGMA ADVISERS, LP 0.56% of their portfolio | 449.7k $247.3m | Added +94.6k |
| Capital International Investors 0.05% of their portfolio | 436.6k $241.8m | Added +84.1k |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC 0.66% of their portfolio | 430.4k $236.7m | Added +169.1k |
| Swiss National Bank 0.17% of their portfolio | 430.3k $236.7m | Added +7.4k |
| Russell Investments Group, Ltd. 0.33% of their portfolio | 429.6k $236.9m | Added +19.3k |
| Robeco Institutional Asset Management B.V. 0.45% of their portfolio | 424.7k $233.6m | Added +143.2k |
| Hyperion Asset Management Ltd 7.77% of their portfolio | 359.6k $197.8m | Reduced -112.8k |
| Perpetual Ltd 2.38% of their portfolio | 358.5k $197.2m | Reduced -151.5k |
| FRED ALGER MANAGEMENT, LLC 1.12% of their portfolio | 358.3k $197.1m | Reduced -66.2k |
| AMERIPRISE FINANCIAL INC 0.05% of their portfolio | 356.8k $196.3m | Reduced -13.4k |
| BARCLAYS PLC 0.09% of their portfolio | 351.2k $193.2m | Added +183.0k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.19% of their portfolio | 350.3k $192.7m | Added +117.6k |
| NEUBERGER BERMAN GROUP LLC 0.15% of their portfolio | 335.8k $184.7m | Reduced -38.7k |
| AMERICAN CENTURY COMPANIES INC 0.11% of their portfolio | 332.5k $182.9m | Added +96.2k |
| WELLS FARGO & COMPANY/MN 0.04% of their portfolio | 328.8k $180.8m | Added +24.1k |
| Squarepoint Ops LLC 0.42% of their portfolio | 313.3k $172.3m | Reduced -189.8k |
| ROYAL BANK OF CANADA 0.04% of their portfolio | 306.9k $168.8m | Added +59.8k |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. 1.76% of their portfolio | 306.7k $168.7m | New |
| AQR CAPITAL MANAGEMENT LLC 0.17% of their portfolio | 303.7k $163.0m | Reduced -71.0k |
| AGF MANAGEMENT LTD 0.83% of their portfolio | 286.5k $157.6m | Reduced -69.8k |
| 1832 Asset Management L.P. 0.29% of their portfolio | 279.9k $153.9m | Reduced -26.5k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.22% of their portfolio | 266.7k $146.7m | Reduced -21.8k |
| TD Asset Management Inc 0.13% of their portfolio | 266.2k $146.4m | Added +13.5k |
| Pictet Asset Management Holding SA 0.16% of their portfolio | 265.9k $146.3m | Added +52.2k |
| Amova Asset Management Americas, Inc. 1.88% of their portfolio | 264.8k $145.7m | Reduced -60.6k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.29% of their portfolio | 262.0k $144.1m | Added +138.3k |
| Clearbridge Investments, LLC 0.12% of their portfolio | 260.0k $143.0m | Reduced -59.2k |
| PRIMECAP MANAGEMENT CO/CA/ 0.12% of their portfolio | 257.8k $141.8m | Added +38.0k |
| Allspring Global Investments Holdings, LLC 0.25% of their portfolio | 256.2k $141.4m | Reduced -47.0k |
| California Public Employees Retirement System 0.09% of their portfolio | 247.2k $135.9m | Reduced -2.8k |
| TWO SIGMA INVESTMENTS, LP 0.29% of their portfolio | 241.0k $132.6m | Reduced -111.0k |
| ALLIANCEBERNSTEIN L.P. 0.05% of their portfolio | 239.6k $131.8m | Added +133.3k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 225.3k $123.9m | Added +21.5k |
| BANK OF MONTREAL /CAN/ 0.07% of their portfolio | 224.3k $123.4m | Reduced -34.0k |
| CITIGROUP INC 0.09% of their portfolio | 221.4k $121.8m | Added +133.0k |
| Aberdeen Group plc 0.23% of their portfolio | 216.0k $116.6m | Added +67.7k |
| Styrax Capital, LP 11.02% of their portfolio | 215.1k $118.3m | Added +1.2k |
| DAVENPORT & Co LLC 0.67% of their portfolio | 206.3k $114.0m | Added +8.4k |
| Allianz Asset Management GmbH 0.16% of their portfolio | 200.6k $110.4m | Added +44.1k |
| KPS Global Asset Management UK Ltd 22.13% of their portfolio | 200.0k $110.0m | Unchanged |
| Mitsubishi UFJ Trust & Banking Corp 0.28% of their portfolio | 197.9k $108.9m | Reduced -13.5k |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC 5.19% of their portfolio | 196.7k $108.2m | Reduced -45.3k |
| RHUMBLINE ADVISERS 0.10% of their portfolio | 195.9k $107.7m | Added +6.2k |