Spotify Technology (NYSE:SPOT) CEO Gustav Soderstrom Sells 20,913 Shares

Spotify Technology (NYSE:SPOT) CEO Gustav Söderström sold 20,913 shares of the business’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $544.19, for a total value of $11,380,645.47. Following the transaction, the chief executive officer owned 20,025 shares in the company, valued at approximately $10,897,404.75. This trade represents a 51.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 Monday, August 3rd, Gustav Söderström sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $507.24, for a total value of $10,567,330.92.
• On Monday, July 6th, Gustav Söderström sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $478.45, for a total value of $9,967,548.85.

Spotify Technology Trading Down 2.0%

Shares of SPOT stock traded down $11.38 during trading hours on Wednesday, reaching $546.88. 1,546,615 shares of the company’s stock were exchanged, compared to its average volume of 2,288,695. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $745.00. The stock has a market cap of $112.59 billion, a PE ratio of 34.05, a PEG ratio of 1.64 and a beta of 1.59. The stock’s fifty day moving average price is $511.61 and its two-hundred day moving average price is $495.35.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.13). The company had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.47 billion. Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The business’s revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.42) EPS. On average, equities analysts expect that Spotify Technology will post 14.29 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Rosenblatt Securities decreased their price target on shares of Spotify Technology from $531.00 to $527.00 and set a “neutral” rating for the company in a report on Wednesday, August 5th. Barclays boosted their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Wall Street Zen cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Cantor Fitzgerald increased their price objective on Spotify Technology from $510.00 to $530.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Finally, Guggenheim reiterated a “buy” rating and issued a $565.00 target price on shares of Spotify Technology in a research report on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $594.50.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pin Oak Investment Advisors Inc. purchased a new position in shares of Spotify Technology during the 2nd quarter valued at about $27,000. Portus Wealth Advisors LLC acquired a new position in shares of Spotify Technology in the 1st quarter valued at about $32,000. Whipplewood Advisors LLC boosted its stake in shares of Spotify Technology by 423.1% in 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. Palladiem LLC purchased a new stake in shares of Spotify Technology in the first quarter worth about $34,000. Finally, Osbon Capital Management LLC purchased a new stake in shares of Spotify Technology in the fourth quarter worth about $35,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

About Spotify Technology

Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.

Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.

Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.