Alex Norstrom Sells 5,436 Shares of Spotify Technology (NYSE:SPOT) Stock

Spotify Technology (NYSE:SPOT) CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction on Monday, July 6th. The shares were sold at an average price of $480.86, for a total value of $2,613,954.96. Following the completion of the transaction, the chief executive officer owned 67,582 shares in the company, valued at $32,497,480.52. This represents a 7.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Spotify Technology Stock Down 1.7%

Shares of NYSE SPOT traded down $8.17 during mid-day trading on Wednesday, reaching $485.78. 1,683,751 shares of the company were exchanged, compared to its average volume of 2,503,161. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The firm has a 50-day moving average of $469.54 and a 200 day moving average of $496.66. The stock has a market cap of $100.01 billion, a price-to-earnings ratio of 38.71, a P/E/G ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last posted 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. The company had revenue of $5.25 billion for 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%.The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.07 earnings per share. On average, equities analysts forecast that Spotify Technology will post 14.62 earnings per share for the current year.

Institutional Investors Weigh In On Spotify Technology

A number of large investors have recently made changes to their positions in SPOT. KERR FINANCIAL PLANNING Corp purchased a new position in Spotify Technology in the 3rd quarter worth $26,000. Portus Wealth Advisors LLC purchased a new stake in Spotify Technology during the 1st quarter valued at about $32,000. Kemnay Advisory Services Inc. acquired a new position in shares of Spotify Technology in the fourth quarter valued at about $32,000. Whipplewood Advisors LLC increased its holdings in shares of Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock valued at $33,000 after purchasing an additional 55 shares during the period. Finally, Palladiem LLC purchased a new position in shares of Spotify Technology in the first quarter worth about $34,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a report on Saturday, June 13th. Weiss Ratings cut Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Wells Fargo & Company boosted their target price on Spotify Technology from $580.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. UBS Group reduced their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Finally, Barclays increased their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $641.83.

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.