Gustav Soderstrom Sells 20,833 Shares of Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $478.45, for a total value of $9,967,548.85. Following the completion of the sale, the chief executive officer owned 20,259 shares of the company’s stock, valued at approximately $9,692,918.55. The trade was a 50.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 Tuesday, June 2nd, Gustav Soderstrom sold 20,833 shares of Spotify Technology stock. The stock was sold at an average price of $496.52, for a total value of $10,344,001.16.
• On Tuesday, May 5th, Gustav Soderstrom sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76.

Spotify Technology Price Performance

SPOT stock opened at $485.16 on Friday. The company’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. The stock has a market capitalization of $99.89 billion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56.

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

Spotify Technology News Summary

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

Analyst Ratings Changes

Several brokerages have weighed in on SPOT. Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. UBS Group dropped their price objective on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Rosenblatt Securities cut their target price on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research report on Thursday. Citizens Jmp raised their price target on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Finally, Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, June 13th. Two research 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. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $640.46.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in Spotify Technology during the 4th quarter worth approximately $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock valued at $724,251,000 after acquiring an additional 1,163,045 shares in the last quarter. Capital World Investors grew its stake in Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after purchasing an additional 789,755 shares during the period. Capital Research Global Investors bought a new position in shares of Spotify Technology in the 3rd quarter worth about $512,190,000. Finally, Coatue Management LLC grew its holdings in 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 during the period. 84.09% of the stock is owned by institutional investors.

Spotify Technology Company Profile

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.