Spotify Technology $SPOT Stock Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC trimmed its holdings in Spotify Technology (NYSE:SPOT) by 66.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,472 shares of the company’s stock after selling 12,851 shares during the quarter. Cornerstone Advisors LLC’s holdings in Spotify Technology were worth $3,154,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pin Oak Investment Advisors Inc. bought a new position in Spotify Technology during the second quarter worth $27,000. Palladiem LLC acquired a new position in Spotify Technology during the 1st quarter valued at $34,000. Fairscale Capital LLC boosted its holdings in Spotify Technology by 35.2% in the 3rd quarter. Fairscale Capital LLC now owns 73 shares of the company’s stock valued at $36,000 after purchasing an additional 19 shares during the period. Tsfg LLC boosted its holdings in Spotify Technology by 39.7% in the 2nd quarter. Tsfg LLC now owns 81 shares of the company’s stock valued at $37,000 after purchasing an additional 23 shares during the period. Finally, Blume Capital Management Inc. boosted its holdings in Spotify Technology by 2,000.0% in the 3rd quarter. Blume Capital Management Inc. now owns 84 shares of the company’s stock valued at $41,000 after purchasing an additional 80 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. UBS Group decreased their price target on shares of Spotify Technology from $690.00 to $675.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Cantor Fitzgerald upped their price objective on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “neutral” rating in a research report on Friday, October 23rd. Stonex Financial cut shares of Spotify Technology from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 14th. Argus reissued a “buy” rating and set a $600.00 target price on shares of Spotify Technology in a research report on Thursday, August 13th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $527.00 target price on shares of Spotify Technology in a research report on Tuesday, October 20th. Twenty-three analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.07.

Key Headlines Impacting Spotify Technology

Investors following SPOT have been watching these headlines:

• Positive Sentiment: Spotify launched audiobooks in India, offering 15 listening hours per month for Rs 199 and titles in eight languages. The move expands its paid audio offering in a large market and could support subscriber engagement and revenue growth. Article: Spotify introduces audiobooks in India
• Positive Sentiment: The company added nine AI DJ voices, including an Indian-accented option, and gave Premium users a setting to reduce or disable commentary. These personalization updates may improve the listening experience and help retain users. Article: Spotify adds AI DJ voices and commentary controls
• Neutral Sentiment: CEO Gustav Söderström sold 20,910 shares, reducing his reported stake by 51.37%. The filing says the sale covered tax withholding obligations tied to vested equity awards, which makes it a less direct bearish signal than a sale explicitly made for investment reasons. SEC filing

Insider Activity

In other news, CEO Gustav Söderström sold 20,913 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $544.19, for a total value of $11,380,645.47. Following the completion of the transaction, the chief executive officer owned 20,025 shares in the company, valued at approximately $10,897,404.75. This represents a 51.08% decrease in their position. 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. In the last ninety days, insiders have sold 62,733 shares of company stock valued at $34,998,490. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Trading Up 2.2%

Shares of NYSE SPOT opened at $611.79 on Friday. The business has a fifty day simple moving average of $542.95 and a 200 day simple moving average of $502.95. The firm has a market capitalization of $125.96 billion, a price-to-earnings ratio of 40.56, a PEG ratio of 1.86 and a beta of 1.49. Spotify Technology has a one year low of $405.00 and a one year high of $654.68.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.37). Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.64 billion. During the same period last year, the business earned $3.28 earnings per share. The firm’s revenue for the quarter was up 16.3% compared to the same quarter last year. On average, research analysts anticipate that Spotify Technology will post 13.60 earnings per share for the current fiscal year.

Spotify Technology Company Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.