NewEdge Advisors LLC Sells 50,681 Shares of Spotify Technology $SPOT

NewEdge Advisors LLC trimmed its position in Spotify Technology (NYSE:SPOT) by 80.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,630 shares of the company’s stock after selling 50,681 shares during the quarter. NewEdge Advisors LLC’s holdings in Spotify Technology were worth $5,799,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Pin Oak Investment Advisors Inc. purchased a new position in shares of Spotify Technology during the second quarter valued at $27,000. Portus Wealth Advisors LLC purchased a new stake in Spotify Technology in the first quarter worth about $32,000. Whipplewood Advisors LLC lifted its stake in Spotify Technology by 423.1% in the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after acquiring an additional 55 shares during the period. Palladiem LLC bought a new position in Spotify Technology during the 1st quarter worth about $34,000. Finally, Osbon Capital Management LLC bought a new position in Spotify Technology during the 4th quarter worth about $35,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

SPOT stock opened at $555.83 on Tuesday. Spotify Technology has a one year low of $405.00 and a one year high of $745.00. The firm has a market cap of $114.43 billion, a price-to-earnings ratio of 34.61, a PEG ratio of 1.55 and a beta of 1.59. The firm has a 50-day simple moving average of $510.28 and a two-hundred day simple moving average of $494.67.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). The firm had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The firm’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.42) EPS. As a group, equities analysts predict that Spotify Technology will post 14.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Spotify Technology

In other news, CEO Alex Norström sold 5,436 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the transaction, the chief executive officer directly owned 66,773 shares of the company’s stock, valued at approximately $33,526,723.30. This represents a 7.53% 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. Also, CEO Gustav Söderström sold 20,833 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $478.45, for a total value of $9,967,548.85. Following the transaction, the chief executive officer directly owned 20,259 shares in the company, valued at approximately $9,692,918.55. The trade was a 50.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 52,538 shares of company stock worth $25,878,250 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SPOT. Citizens Jmp boosted their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a report on Friday, May 22nd. Cantor Fitzgerald increased their price objective on shares of Spotify Technology from $510.00 to $530.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $531.00 to $527.00 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Finally, Argus restated a “buy” rating and set a $600.00 target price on shares of Spotify Technology in a report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $609.05.

Spotify Technology Company Profile

Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.

Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.

Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.