Spotify Technology (NYSE:SPOT) CEO Gustav Soderstrom Sells 20,833 Shares of Stock

Spotify Technology (NYSE:SPOT) CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the completion of the transaction, the chief executive officer directly owned 20,259 shares in the company, valued at approximately $9,692,918.55. This trade represents a 50.70% 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 Tuesday, June 2nd, Gustav Soderstrom sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $496.52, for a total transaction of $10,344,001.16.
• On Tuesday, May 5th, Gustav Soderstrom sold 20,833 shares of Spotify Technology stock. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76.

Spotify Technology Price Performance

NYSE SPOT traded down $8.17 on Wednesday, hitting $485.78. 1,683,751 shares of the stock were exchanged, compared to its average volume of 2,503,161. The company’s 50-day moving average price is $469.54 and its two-hundred day moving average price is $496.66. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30. The company has a market capitalization 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 issued its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the firm posted $1.07 earnings per share. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. Equities analysts predict that Spotify Technology will post 14.62 EPS for the current fiscal year.

Institutional Trading of Spotify Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its holdings in shares of Spotify Technology by 12.9% during the 4th quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after purchasing an additional 73,722 shares during the period. City Holding Co. grew its position in Spotify Technology by 2,515.9% during the fourth quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after buying an additional 5,384 shares in the last quarter. Robeco Schweiz AG increased its stake in Spotify Technology by 37.6% during the fourth quarter. Robeco Schweiz AG now owns 18,544 shares of the company’s stock valued at $10,769,000 after acquiring an additional 5,071 shares during the period. SBI Okasan Asset Management Co.Ltd. acquired a new position in Spotify Technology in the 4th quarter valued at approximately $1,162,000. Finally, Robinhood Asset Management LLC bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $8,233,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on SPOT shares. KeyCorp decreased their price target on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a report on Wednesday, April 29th. Benchmark cut their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Weiss Ratings downgraded Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Barclays lifted their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Finally, Guggenheim dropped their price objective on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.