Alex Norstrom Sells 5,436 Shares of Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) CEO Alex Norstrom sold 5,436 shares of the stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $480.86, for a total value of $2,613,954.96. Following the completion of the transaction, the chief executive officer owned 67,582 shares of the company’s stock, valued at $32,497,480.52. This represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Spotify Technology Trading Down 0.0%

NYSE:SPOT opened at $485.16 on Friday. The stock has a market cap of $99.89 billion, a P/E ratio of 38.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. The stock’s 50-day moving average is $470.38 and its 200-day moving average is $495.42. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm’s revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.07 earnings per share. As a group, equities analysts forecast that Spotify Technology will post 14.62 EPS for the current year.

Analyst Ratings Changes

SPOT has been the subject of several analyst reports. Canaccord Genuity Group dropped their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Benchmark reduced their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Citizens Jmp increased their price objective on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $640.46.

Trending Headlines about Spotify Technology

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

• Positive Sentiment: Spotify updated its song-mixing feature with new customization tools, which could help improve user engagement and strengthen the platform’s appeal. Spotify updates its song-mixing feature with new customization tools
• Positive Sentiment: Recent coverage comparing Spotify with other names in streaming and software continues to highlight Spotify Technology (NYSE: SPOT) as a potentially attractive value opportunity, supporting the bullish long-term thesis. XYZ vs. SPOT: Which Stock Is the Better Value Option?
• Neutral Sentiment: Rosenblatt Securities trimmed its price target on Spotify to $531 from $534 and kept a neutral rating, while Wells Fargo cut its target to $570 from $600 but maintained an overweight rating; both moves suggest some caution, though analysts still see upside from current levels. Benzinga analyst update
• Neutral Sentiment: CEO share sales by Gustav Soderstrom and Alex Norstrom were disclosed, but the filings say the transactions were made to cover tax withholding obligations related to vested equity awards, limiting the negative signal for investors. SEC Form 4 filing for Gustav Soderstrom
• Negative Sentiment: Spotify’s stock is also being weighed by broader concern that insider selling and softer analyst price targets could signal limited near-term upside after a strong run earlier in the year. Investors Heavily Search Spotify Technology (SPOT): Here is What You Need to Know

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Spotify Technology in the 3rd quarter valued at $26,000. Portus Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the first quarter worth $32,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology during the fourth quarter worth $32,000. Whipplewood Advisors LLC raised its stake in Spotify Technology by 423.1% during the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after buying an additional 55 shares during the last quarter. Finally, Palladiem LLC acquired a new position in Spotify Technology in the first quarter valued at $34,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

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.