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

Spotify Technology (NYSE:SPOT) CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total value of $10,344,001.16. Following the sale, the chief executive officer owned 20,376 shares in the company, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

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

• 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 value of $8,973,189.76.
• On Wednesday, April 1st, Gustav Soderstrom sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $473.52, for a total value of $9,864,842.16.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $492.50 on Friday. The company has a market cap of $101.40 billion, a P/E ratio of 39.24, a PEG ratio of 1.19 and a beta of 1.56. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The business’s 50-day simple moving average is $480.53 and its 200 day simple moving average is $515.21.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion for 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 company’s revenue was up 8.2% on a year-over-year basis. During the same period last year, the business posted $1.07 EPS. Analysts predict that Spotify Technology will post 14.72 earnings per share for the current year.

Spotify Technology News Summary

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

• Positive Sentiment: Spotify is expanding its strategy in Asia, with a report that it is targeting Korea using AI-driven hyper-personalization. That suggests continued investment in product innovation and international growth, which investors may view favorably. Spotify targets Korea with AI hyper-personalization
• Positive Sentiment: Several reports highlighted strong underlying fundamentals after Spotify’s latest earnings, including premium subscriber growth, improved free cash flow, and rising operating income. Those results continue to support the stock’s longer-term bull case. Spotify Stock Will Trade at This Price In a Year
• Neutral Sentiment: Analyst sentiment remains supportive overall, with Spotify carrying a “Moderate Buy” consensus rating. However, some firms recently trimmed price targets, indicating expectations are still high and valuation remains a point of debate. Spotify Technology (NYSE:SPOT) Given Consensus Recommendation of “Moderate Buy” by Analysts
• Negative Sentiment: CEO Gustav Soderstrom sold about $10.3 million of Spotify stock, continuing a recent pattern of insider selling. While insider sales do not always signal trouble, they can weigh on sentiment if investors worry management sees less upside near current levels. Spotify Technology (NYSE:SPOT) CEO Sells $10,344,001.16 in Stock

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SPOT. KeyCorp dropped their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Morgan Stanley lifted their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Canaccord Genuity Group dropped their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Pivotal Research dropped their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a report on Wednesday, April 29th. Finally, Wells Fargo & Company lifted their price objective on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $655.92.

Institutional Investors Weigh In On Spotify Technology

A number of institutional investors have recently made changes to their positions in SPOT. Bessemer Group Inc. boosted its position in Spotify Technology by 35.1% during the 3rd quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock valued at $476,483,000 after purchasing an additional 177,310 shares during the period. Principal Financial Group Inc. grew its position in shares of Spotify Technology by 12.9% during the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after acquiring an additional 73,722 shares during the last quarter. Truxt Investmentos Ltda. bought a new position in shares of Spotify Technology during the third quarter worth about $2,093,000. Vanguard Group Inc. grew its position in shares of Spotify Technology by 2.5% during the third quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock worth $702,106,000 after acquiring an additional 24,199 shares during the last quarter. Finally, City Holding Co. boosted its stake in Spotify Technology by 2,515.9% during the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock valued at $3,251,000 after purchasing an additional 5,384 shares during the period. 84.09% of the stock is currently owned by institutional investors.

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.