Bank of New York Mellon Corp Lowers Stock Holdings in Spotify Technology $SPOT

Bank of New York Mellon Corp cut its holdings in shares of Spotify Technology (NYSE:SPOT) by 14.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 673,341 shares of the company’s stock after selling 111,794 shares during the quarter. Bank of New York Mellon Corp’s holdings in Spotify Technology were worth $326,510,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Spotify Technology in the third quarter worth approximately $26,000. Portus Wealth Advisors LLC acquired a new stake in shares of Spotify Technology in the first quarter worth $32,000. Kemnay Advisory Services Inc. purchased a new position in shares of Spotify Technology in the fourth quarter valued at $32,000. Whipplewood Advisors LLC grew its holdings in Spotify Technology by 423.1% during 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 in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology during the 4th quarter valued at $35,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT opened at $478.86 on Friday. The firm has a market capitalization of $98.59 billion, a price-to-earnings ratio of 38.16, a PEG ratio of 1.18 and a beta of 1.56. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30. The business’s fifty day moving average price is $476.38 and its two-hundred day moving average price is $491.73.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The business had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. Spotify Technology’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period last year, the company posted $1.07 EPS. As a group, research analysts forecast that Spotify Technology will post 14.5 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Barclays boosted their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Benchmark lowered their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. Cantor Fitzgerald increased their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. The Goldman Sachs Group cut their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, Rosenblatt Securities decreased their target price on shares of Spotify Technology from $534.00 to $531.00 and set a “neutral” rating for the company in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $638.58.

Insider Buying and Selling

In other Spotify Technology news, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the transaction, the director owned 3,619 shares in the company, valued at approximately $1,903,594. This trade represents a 60.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the transaction, the director directly owned 6,383 shares in the company, valued at approximately $3,355,734.59. This represents a 84.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 111,442 shares of company stock valued at $54,757,553 in the last ninety days. 0.40% of the stock is currently owned by company insiders.

Spotify Technology News Summary

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

• Positive Sentiment: Spotify unveiled a new AI assistant that lets users find songs, build playlists, and explore podcasts using natural language, which could improve engagement and support premium user growth. Spotify’s new AI assistant lets you find songs, create playlists and explore podcasts using natural language
• Positive Sentiment: Jefferies reiterated a Buy rating and a $600 price target ahead of earnings, signaling continued confidence in Spotify’s long-term growth and AI-related product roadmap. Spotify seen delivering steady Q2 results as investors await AI remixing updates
• Neutral Sentiment: Spotify was highlighted in an investor letter as having robust results, suggesting institutional investors still see the company as a strong operator despite recent market noise. Market Overlooked Spotify Technology S.A. (SPOT) Despite Robust Results
• Neutral Sentiment: Spotify partnered with Back Market for a back-to-school promotion, expanding brand visibility but with limited direct financial impact. Back Market Kicks Off Back-to-School Season with Survey Revealing How Parents Are Redefining the Smart Tech Purchase – And Debuting New Partnerships with Duolingo and Spotify
• Negative Sentiment: Zacks said Spotify’s growth story remains intact, but warned that a rich valuation, high royalty costs, and intensifying competition make the risk/reward less attractive. Spotify’s Growth Story Is Intact, but Faces Valuation Threat
• Negative Sentiment: Spotify also faced criticism after Lorde slammed the company over sloppy AI-generated song descriptions, adding a reputational headwind around its AI rollout. Lorde slams Spotify over sloppy AI-generated song descriptions

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.