Spotify Technology (NYSE:SPOT) CEO Gustav Soderstrom Sells 20,910 Shares of Stock

Spotify Technology (NYSE:SPOT) CEO Gustav Söderström sold 20,910 shares of the company’s stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $599.37, for a total transaction of $12,532,826.70. Following the completion of the sale, the chief executive officer directly owned 19,792 shares in the company, valued at $11,862,731.04. This represents a 51.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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, October 12th, Gustav Söderström sold 20,910 shares of Spotify Technology stock. The shares were sold at an average price of $530.13, for a total transaction of $11,085,018.30.
• On Monday, September 14th, Gustav Söderström sold 20,913 shares of Spotify Technology stock. The stock was sold at an average price of $544.19, for a total transaction of $11,380,645.47.

Spotify Technology Stock Up 2.2%

Shares of SPOT traded up $13.28 during midday trading on Friday, hitting $611.79. The company had a trading volume of 968,237 shares, compared to its average volume of 1,931,504. The company’s 50 day moving average price is $542.95 and its 200 day moving average price is $502.95. The stock has a market cap 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 52 week low of $405.00 and a 52 week high of $654.68.

Spotify Technology (NYSE:SPOT) last issued 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). Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $5.64 billion. During the same quarter last year, the company posted $3.28 EPS. The business’s revenue for the quarter was up 16.3% compared to the same quarter last year. Equities analysts anticipate that Spotify Technology will post 13.60 EPS for the current fiscal year.

Hedge Funds Weigh In On Spotify Technology

Large investors have recently bought and sold shares of the business. Octavia Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth approximately $258,000. Empowered Funds LLC lifted its holdings in shares of Spotify Technology by 36.0% in the 3rd quarter. Empowered Funds LLC now owns 8,836 shares of the company’s stock worth $4,306,000 after purchasing an additional 2,338 shares during the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in shares of Spotify Technology by 2.0% in the 3rd quarter. Steward Partners Investment Advisory LLC now owns 12,282 shares of the company’s stock worth $5,986,000 after purchasing an additional 242 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in Spotify Technology by 5.7% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 143,459 shares of the company’s stock valued at $69,919,000 after purchasing an additional 7,769 shares during the period. Finally, 49 Wealth Management LLC acquired a new position in Spotify Technology during the 3rd quarter valued at approximately $252,000. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Benchmark cut their price objective on Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. Stonex Financial downgraded Spotify Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 14th. Zacks Research lowered Spotify Technology from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 22nd. Barclays lifted their target price on Spotify Technology from $565.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Finally, JPMorgan Chase & Co. boosted their price target on Spotify Technology from $650.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. Twenty-three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $620.07.

Spotify Technology News Roundup

Here’s some of the latest news about SPOT:

• 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

About Spotify Technology

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.