Spotify Technology $SPOT Stock Sold by Northeast Investment Management

Northeast Investment Management trimmed its holdings in shares of Spotify Technology (NYSE:SPOT) by 12.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,262 shares of the company’s stock after selling 3,086 shares during the period. Northeast Investment Management’s holdings in Spotify Technology were worth $10,850,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of SPOT. Tsfg LLC increased its position in Spotify Technology by 39.7% during the second quarter. Tsfg LLC now owns 81 shares of the company’s stock worth $37,000 after buying an additional 23 shares in the last quarter. Carl P. Sherr & Co. LLC boosted its stake in shares of Spotify Technology by 0.7% during the first quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company’s stock valued at $2,007,000 after acquiring an additional 27 shares during the last quarter. Frank Rimerman Advisors LLC increased its position in Spotify Technology by 2.8% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 1,066 shares of the company’s stock worth $520,000 after purchasing an additional 29 shares in the last quarter. Arkadios Wealth Advisors increased its position in Spotify Technology by 7.5% during the 1st quarter. Arkadios Wealth Advisors now owns 474 shares of the company’s stock worth $230,000 after purchasing an additional 33 shares in the last quarter. Finally, Simplicity Wealth LLC lifted its holdings in Spotify Technology by 4.4% in the 1st quarter. Simplicity Wealth LLC now owns 860 shares of the company’s stock valued at $417,000 after purchasing an additional 36 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Spotify Technology

In other news, CEO Gustav Söderström sold 20,910 shares of the company’s stock in a transaction on Monday, October 12th. The stock was sold at an average price of $530.13, for a total transaction of $11,085,018.30. Following the completion of the sale, the chief executive officer directly owned 19,908 shares in the company, valued at $10,553,828.04. This represents a 51.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.40% of the stock is currently owned by insiders.

Spotify Technology Stock Performance

SPOT opened at $627.47 on Thursday. The company’s 50 day simple moving average is $534.62 and its 200 day simple moving average is $499.47. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $668.49. The stock has a market capitalization of $129.19 billion, a PE ratio of 41.60, a P/E/G ratio of 1.86 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last released its earnings results on Thursday, October 22nd. The company reported $2.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.64 billion. Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. Spotify Technology’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.28 earnings per share. As a group, sell-side analysts expect that Spotify Technology will post 13.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SPOT shares. Benchmark decreased their price target on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Rosenblatt Securities reissued a “neutral” rating and set a $527.00 price objective on shares of Spotify Technology in a research note on Tuesday, October 20th. Citizens Jmp restated a “market outperform” rating and set a $625.00 target price on shares of Spotify Technology in a research report on Friday, October 23rd. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Morgan Stanley lifted their target price on shares of Spotify Technology from $640.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, October 23rd. Twenty-three equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $620.07.

Spotify Technology Company Profile

Spotify Technology SA is an audio streaming company that operates the Spotify platform, offering users access to music, podcasts and audiobooks through internet-connected devices. Its catalog includes licensed recordings from music labels and artists, as well as podcasts and other audio content from creators and publishers.

Spotify provides both an ad-supported service and subscription-based Premium plans. Premium subscribers generally receive ad-free listening and additional features, while the advertising-supported service allows users to access content without a paid subscription.