1,386 Shares in Spotify Technology $SPOT Bought by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC purchased a new position in shares of Spotify Technology (NYSE:SPOT) during the 1st quarter, HoldingsChannel reports. The firm purchased 1,386 shares of the company’s stock, valued at approximately $672,000.

Other hedge funds also recently bought and sold shares of the company. Sivia Capital Partners LLC purchased a new stake in shares of Spotify Technology during the second quarter worth approximately $312,000. Jump Financial LLC grew its holdings in Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after acquiring an additional 56 shares in the last quarter. Cary Street Partners Financial LLC acquired a new position in Spotify Technology during the 2nd quarter worth approximately $178,000. NewEdge Advisors LLC grew its holdings in Spotify Technology by 36.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after acquiring an additional 3,412 shares in the last quarter. Finally, Glenview Trust co purchased a new stake in shares of Spotify Technology in the 2nd quarter valued at approximately $298,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Buying and Selling

In other news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director owned 4,039 shares in the company, valued at approximately $2,099,714.54. This represents a 39.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total value of $8,973,189.76. Following the transaction, the chief executive officer directly owned 20,492 shares in the company, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 111,442 shares of company stock valued at $54,757,553 in the last quarter. Corporate insiders own 0.40% of the company’s stock.

Trending Headlines about Spotify Technology

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

• Positive Sentiment: Spotify updated its song-mixing feature with new customization tools, which could help improve user engagement and strengthen the platform’s appeal. Spotify updates its song-mixing feature with new customization tools
• Positive Sentiment: Recent coverage comparing Spotify with other names in streaming and software continues to highlight Spotify Technology (NYSE: SPOT) as a potentially attractive value opportunity, supporting the bullish long-term thesis. XYZ vs. SPOT: Which Stock Is the Better Value Option?
• Neutral Sentiment: Rosenblatt Securities trimmed its price target on Spotify to $531 from $534 and kept a neutral rating, while Wells Fargo cut its target to $570 from $600 but maintained an overweight rating; both moves suggest some caution, though analysts still see upside from current levels. Benzinga analyst update
• Neutral Sentiment: CEO share sales by Gustav Soderstrom and Alex Norstrom were disclosed, but the filings say the transactions were made to cover tax withholding obligations related to vested equity awards, limiting the negative signal for investors. SEC Form 4 filing for Gustav Soderstrom
• Negative Sentiment: Spotify’s stock is also being weighed by broader concern that insider selling and softer analyst price targets could signal limited near-term upside after a strong run earlier in the year. Investors Heavily Search Spotify Technology (SPOT): Here is What You Need to Know

Spotify Technology Trading Down 0.0%

Shares of SPOT opened at $485.16 on Friday. The firm has a market cap of $99.89 billion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56. The company’s 50 day simple moving average is $470.38 and its 200-day simple moving average is $495.42. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30.

Spotify Technology (NYSE:SPOT) last released its quarterly 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 firm had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.07 EPS. As a group, equities research analysts forecast that Spotify Technology will post 14.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of analyst reports. KeyCorp reduced their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a report on Wednesday, April 29th. Pivotal Research lowered their target price on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a research note on Wednesday, April 29th. Weiss Ratings lowered Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Citizens Jmp raised their price target on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research note on Friday, May 22nd. Finally, Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $640.46.

Spotify Technology 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.