Spotify Technology $SPOT Shares Sold by Tamar Securities LLC

Tamar Securities LLC cut its stake in shares of Spotify Technology (NYSE:SPOT) by 4.0% in the third quarter, HoldingsChannel.com reports. The fund owned 49,685 shares of the company’s stock after selling 2,053 shares during the period. Spotify Technology makes up about 2.2% of Tamar Securities LLC’s investment portfolio, making the stock its 18th biggest position. Tamar Securities LLC’s holdings in Spotify Technology were worth $24,215,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Tsfg LLC boosted its holdings in Spotify Technology by 39.7% in the 2nd quarter. Tsfg LLC now owns 81 shares of the company’s stock worth $37,000 after buying an additional 23 shares during the last quarter. Carl P. Sherr & Co. LLC increased its position in shares of Spotify Technology by 0.7% during the first quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company’s stock worth $2,007,000 after purchasing an additional 27 shares in the last quarter. Frank Rimerman Advisors LLC raised its stake in Spotify Technology by 2.8% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 1,066 shares of the company’s stock valued at $520,000 after purchasing an additional 29 shares during the last quarter. Arkadios Wealth Advisors lifted its holdings in Spotify Technology by 7.5% in the 1st quarter. Arkadios Wealth Advisors now owns 474 shares of the company’s stock valued at $230,000 after purchasing an additional 33 shares in the last quarter. Finally, Simplicity Wealth LLC lifted its holdings in Spotify Technology by 4.4% in the 1st quarter. Simplicity Wealth LLC now owns 860 shares of the company’s stock valued at $417,000 after purchasing an additional 36 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.9%

Shares of Spotify Technology stock traded down $11.70 during mid-day trading on Friday, hitting $602.71. The stock had a trading volume of 1,842,409 shares, compared to its average volume of 1,851,221. The firm has a 50-day moving average of $537.42 and a two-hundred day moving average of $500.48. The firm has a market cap of $124.09 billion, a P/E ratio of 39.96, a price-to-earnings-growth ratio of 1.84 and a beta of 1.49. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $668.49.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Thursday, October 22nd. The company reported $2.81 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.64 billion. Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The business’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.28 earnings per share. Sell-side analysts expect that Spotify Technology will post 13.66 earnings per share for the current year.

Insiders Place Their Bets

In other Spotify Technology news, CEO Gustav Söderström sold 20,913 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $544.19, for a total transaction of $11,380,645.47. Following the completion of the transaction, the chief executive officer owned 20,025 shares of the company’s stock, valued at $10,897,404.75. This trade represents a 51.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on SPOT shares. Phillip Securities cut shares of Spotify Technology from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, October 26th. Benchmark decreased their price target on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. KeyCorp lowered their price target on shares of Spotify Technology from $680.00 to $660.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. Barclays increased their price objective on shares of Spotify Technology from $565.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, October 23rd. Finally, Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 26th. Twenty-three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $620.07.

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.

Spotify is headquartered in Luxembourg, with major operations in Sweden and other countries.