Spotify Technology $SPOT Shares Sold by L & S Advisors Inc

L & S Advisors Inc trimmed its stake in shares of Spotify Technology (NYSE:SPOT) by 52.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,635 shares of the company’s stock after selling 1,820 shares during the period. L & S Advisors Inc’s holdings in Spotify Technology were worth $949,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPOT. Capital World Investors grew its holdings in Spotify Technology by 40.7% during the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock worth $1,906,260,000 after acquiring an additional 789,755 shares during the period. Capital Research Global Investors acquired a new stake in Spotify Technology during the third quarter worth about $512,190,000. Principal Financial Group Inc. grew its holdings in Spotify Technology by 3,534.9% during the third quarter. Principal Financial Group Inc. now owns 571,474 shares of the company’s stock worth $398,889,000 after acquiring an additional 555,752 shares during the period. Swedbank AB grew its holdings in Spotify Technology by 37.9% during the fourth quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock worth $938,614,000 after acquiring an additional 444,162 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in Spotify Technology by 157.5% during the third quarter. Alliancebernstein L.P. now owns 699,930 shares of the company’s stock worth $488,551,000 after acquiring an additional 428,156 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Down 0.0%

Shares of SPOT opened at $436.74 on Monday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The stock’s 50 day moving average is $487.47 and its two-hundred day moving average is $529.70. The firm has a market cap of $89.92 billion, a P/E ratio of 34.80, a PEG ratio of 1.05 and a beta of 1.55.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter last year, the business earned $1.07 earnings per share. The company’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities research analysts forecast that Spotify Technology will post 14.87 EPS for the current year.

Key Headlines Impacting Spotify Technology

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

• Positive Sentiment: Spotify said it will adopt Apple’s HLS video technology for podcasts, a move that should make it easier for creators to distribute and monetize video podcasts across platforms, including Apple Podcasts. That could broaden Spotify-hosted content’s reach and support engagement with creators. TechCrunch article
• Positive Sentiment: Related coverage from multiple outlets emphasized that Spotify’s hosting platforms are adopting Apple’s video podcast technology, reinforcing the idea that the company is improving creator tools and cross-platform publishing. MacRumors article
• Neutral Sentiment: Spotify also cut prices for its Premium Standard tier in India and discontinued Premium Lite there. The move could help subscriber growth in a key market, but it may also pressure average revenue per user, so the overall stock impact is unclear. Moneycontrol article
• Negative Sentiment: Pomerantz LLP announced an investigation into claims on behalf of Spotify investors, adding a potential legal and headline-risk overhang that can weigh on sentiment. PR Newswire article

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Rosenblatt Securities dropped their target price on Spotify Technology from $670.00 to $500.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target on the stock in a research report on Thursday, February 26th. Pivotal Research dropped their price target on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research report on Wednesday, April 29th. Finally, Guggenheim dropped their price target on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $645.77.

Insider Activity

In other news, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the sale, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. This trade represents a 7.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the sale, the chief executive officer owned 20,492 shares in the company, valued at approximately $8,826,314.24. This trade represents a 50.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last quarter, insiders sold 47,102 shares of company stock worth $21,444,648. Company insiders own 0.40% of the company’s stock.

Spotify Technology Company 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.