Spotify Technology (NYSE:SPOT) Director Sells $18,600,327.40 in Stock

Spotify Technology (NYSE:SPOT) Director Sven Hans Martin Lorentzon sold 35,380 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company’s stock, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Spotify Technology Stock Performance

Spotify Technology stock traded down $17.17 during mid-day trading on Wednesday, reaching $512.54. 1,862,581 shares of the company were exchanged, compared to its average volume of 2,675,334. The business has a fifty day moving average of $480.28 and a 200 day moving average of $521.61. The firm has a market cap of $105.52 billion, a P/E ratio of 40.84, a PEG ratio of 1.26 and a beta of 1.55. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.07 earnings per share. Sell-side analysts predict that Spotify Technology will post 14.86 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on SPOT. UBS Group lowered their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating for the company in a report on Thursday, April 30th. JPMorgan Chase & Co. upped their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Citizens Jmp upped their price target on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, May 9th. Finally, Arete Research raised 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. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $655.92.

Key Stories Impacting Spotify Technology

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

• Positive Sentiment: Spotify is expanding its audio ecosystem by adding narrated magazine and long-form article playback for Premium users, giving subscribers more reasons to stay engaged in the app and potentially boosting retention. Spotify adds audio magazine articles for Premium users, long reads now play like podcasts
• Positive Sentiment: The company also launched new AI music-creation/remix initiatives with Universal Music Group and has been highlighting AI-generated music as part of its long-term strategy, which could improve monetization and keep Spotify central to the next wave of music creation. Spotify and UMG launch AI music creation feature with artist revenue sharing
• Positive Sentiment: Spotify is continuing to add shareable podcast tools, including “Podcast clips,” which may help creators drive more discovery and engagement on the platform. Spotify now lets you ‘clip’ moments from your favorite podcast
• Positive Sentiment: Recent commentary around Spotify’s 2030 targets and monetization plan has reinforced the bull case that the company can grow users and margins over time. Spotify Sets 2030 Growth Targets, Shares Rally
• Neutral Sentiment: Analysts remain mixed on valuation, with Cantor Fitzgerald lifting its price target but keeping a neutral rating, suggesting the market sees upside but not a clear-cut bargain at current levels. Spotify Technology had its price target raised by Cantor Fitzgerald
• Negative Sentiment: Investor attention is also being drawn to a fraud investigation from a shareholder rights firm, which can create headline risk even before any findings are reached. SPOT Investors Have Opportunity to Join Spotify Technology S.A. Fraud Investigation with the Schall Law Firm

Hedge Funds Weigh In On Spotify Technology

A number of large investors have recently made changes to their positions in SPOT. Bessemer Group Inc. increased its position in shares of Spotify Technology by 35.1% in the 3rd quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock valued at $476,483,000 after acquiring an additional 177,310 shares during the period. Principal Financial Group Inc. boosted its holdings in Spotify Technology by 12.9% in the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock valued at $374,672,000 after purchasing an additional 73,722 shares during the last quarter. Truxt Investmentos Ltda. acquired a new stake in Spotify Technology during the 3rd quarter worth about $2,093,000. Ownership Capital B.V. acquired a new stake in Spotify Technology during the 3rd quarter worth about $2,769,000. Finally, Vanguard Group Inc. grew its position in Spotify Technology by 2.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock worth $702,106,000 after purchasing an additional 24,199 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

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.