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 the stock in a transaction dated 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 transaction, the chief executive officer directly owned 20,259 shares in the company, valued at $9,692,918.55. The trade was a 50.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at 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 value 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 value of $8,973,189.76.

Spotify Technology Stock Down 1.7%

Shares of SPOT traded down $8.17 during mid-day trading on Wednesday, hitting $485.78. The stock had a trading volume of 1,683,751 shares, compared to its average volume of 2,503,161. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30. The company has a market cap of $100.01 billion, a PE ratio of 38.71, a PEG ratio of 1.19 and a beta of 1.56. The company’s fifty day simple moving average is $469.54 and its two-hundred day simple moving average is $496.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly 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 business 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 business’s revenue was up 8.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.07 EPS. Equities analysts expect that Spotify Technology will post 14.62 earnings per share for the current year.

Analysts Set New Price Targets

SPOT has been the topic of several research reports. UBS Group dropped their price objective on shares of Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Citizens Jmp upped their target price on Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. Daiwa Securities Group initiated coverage on Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target on the stock. Morgan Stanley boosted their price objective on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Wall Street Zen downgraded Spotify Technology from a “buy” rating to a “hold” rating in a research note on Saturday, June 13th. 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. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $641.83.

Hedge Funds Weigh In On Spotify Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. KERR FINANCIAL PLANNING Corp bought a new position in shares of Spotify Technology in the third quarter valued at $26,000. Portus Wealth Advisors LLC purchased a new stake in shares of Spotify Technology during the first quarter valued at $32,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Spotify Technology during the fourth quarter valued at $32,000. Whipplewood Advisors LLC boosted its position in shares of Spotify Technology by 423.1% in the 1st 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 acquired a new position in shares of Spotify Technology in the 1st quarter valued at $34,000. 84.09% of the stock is owned by institutional investors.

About Spotify Technology

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.