Insider Selling: Spotify Technology (NYSE:SPOT) CEO Sells $10,344,001.16 in Stock

Spotify Technology (NYSE:SPOT) CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Tuesday, June 2nd. The stock was 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 of the company’s stock, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

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

• On Tuesday, May 5th, Gustav Soderstrom sold 20,833 shares of Spotify Technology stock. The stock was 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 stock was sold at an average price of $473.52, for a total value of $9,864,842.16.

Spotify Technology Price Performance

SPOT stock opened at $497.19 on Friday. The business has a 50-day moving average price of $481.01 and a 200 day moving average price of $515.08. The company has a market capitalization of $102.36 billion, a P/E ratio of 39.62, a PEG ratio of 1.20 and a beta of 1.56. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating the consensus estimate of $3.41 by $0.63. The firm 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 quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.07 earnings per share. On average, analysts anticipate that Spotify Technology will post 14.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quadcap Wealth Management LLC grew its stake in Spotify Technology by 5.7% in the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after purchasing an additional 16 shares during the last quarter. Sagespring Wealth Partners LLC grew its stake in Spotify Technology by 2.9% in the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after purchasing an additional 18 shares during the last quarter. Ameritas Advisory Services LLC grew its stake in Spotify Technology by 7.9% in the third quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock valued at $181,000 after purchasing an additional 19 shares during the last quarter. Aprio Wealth Management LLC grew its stake in Spotify Technology by 3.1% in the third quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after purchasing an additional 19 shares during the last quarter. Finally, Petra Financial Advisors Inc. grew its stake in Spotify Technology by 1.2% in the third quarter. Petra Financial Advisors Inc. now owns 1,639 shares of the company’s stock valued at $1,144,000 after purchasing an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Barclays lifted their price objective on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Pivotal Research decreased their price objective on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective for the company in a report on Thursday, February 26th. KeyCorp decreased their price objective on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Finally, Guggenheim decreased their price objective on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $655.92.

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.