Spotify Technology (NYSE:SPOT) Stock: Insider Gustav Soderstrom Sells 20,910 Shares

Spotify Technology (NYSE:SPOT) CEO Gustav Söderström sold 20,910 shares of the firm’s stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $599.37, for a total value of $12,532,826.70. Following the sale, the chief executive officer directly owned 19,792 shares in the company, valued at approximately $11,862,731.04. This trade represents a 51.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Gustav Soderstrom also recently made the following trade(s):

• On Monday, October 12th, Gustav Söderström sold 20,910 shares of Spotify Technology stock. The stock was sold at an average price of $530.13, for a total value of $11,085,018.30.
• On Monday, September 14th, Gustav Söderström sold 20,913 shares of Spotify Technology stock. The stock was sold at an average price of $544.19, for a total value of $11,380,645.47.

Spotify Technology Trading Up 2.2%

SPOT traded up $13.28 on Friday, reaching $611.79. The stock had a trading volume of 968,237 shares, compared to its average volume of 1,931,504. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $654.68. The firm has a 50-day moving average of $542.95 and a 200-day moving average of $502.95. The company has a market capitalization of $125.96 billion, a price-to-earnings ratio of 40.56, a price-to-earnings-growth ratio of 1.86 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.37). The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.64 billion. Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. Spotify Technology’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.28 earnings per share. Sell-side analysts anticipate that Spotify Technology will post 13.60 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. KeyCorp cut their target price on shares of Spotify Technology from $680.00 to $660.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. Rosenblatt Securities restated a “neutral” rating and issued a $527.00 price target on shares of Spotify Technology in a research report on Tuesday, October 20th. Oppenheimer raised their price target on shares of Spotify Technology from $550.00 to $650.00 and gave the company an “outperform” rating in a research note on Friday, October 23rd. Stonex Financial lowered shares of Spotify Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 14th. Finally, Guggenheim lifted their price target on shares of Spotify Technology from $575.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, October 23rd. Twenty-three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.07.

Recent Spotify Technology Headlines

Investors following SPOT have been watching these headlines:

• Positive Sentiment: Spotify launched audiobooks in India, offering 15 listening hours per month for Rs 199 and titles in eight languages. The move expands its paid audio offering in a large market and could support subscriber engagement and revenue growth. Article: Spotify introduces audiobooks in India
• Positive Sentiment: The company added nine AI DJ voices, including an Indian-accented option, and gave Premium users a setting to reduce or disable commentary. These personalization updates may improve the listening experience and help retain users. Article: Spotify adds AI DJ voices and commentary controls
• Neutral Sentiment: CEO Gustav Söderström sold 20,910 shares, reducing his reported stake by 51.37%. The filing says the sale covered tax withholding obligations tied to vested equity awards, which makes it a less direct bearish signal than a sale explicitly made for investment reasons. SEC filing

Institutional Trading of Spotify Technology

Institutional investors have recently added to or reduced their stakes in the stock. Pin Oak Investment Advisors Inc. bought a new position in Spotify Technology during the 2nd quarter worth approximately $27,000. Palladiem LLC bought a new position in Spotify Technology during the first quarter worth $34,000. Fairscale Capital LLC raised its stake in Spotify Technology by 35.2% during the third quarter. Fairscale Capital LLC now owns 73 shares of the company’s stock worth $36,000 after buying an additional 19 shares during the last quarter. Tsfg LLC lifted its holdings in Spotify Technology by 39.7% in the second quarter. Tsfg LLC now owns 81 shares of the company’s stock valued at $37,000 after buying an additional 23 shares during the period. Finally, Elevation Wealth Partners LLC lifted its holdings in Spotify Technology by 142.9% in the third quarter. Elevation Wealth Partners LLC now owns 85 shares of the company’s stock valued at $41,000 after buying an additional 50 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Company Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.