Spotify Technology $SPOT Stock: Calamos Advisors LLC Reduces Stake

Calamos Advisors LLC lowered its position in Spotify Technology (NYSE:SPOT) by 65.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,714 shares of the company’s stock after selling 36,235 shares during the quarter. Calamos Advisors LLC’s holdings in Spotify Technology were worth $9,121,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Janus Henderson Group PLC grew its position in Spotify Technology by 20.1% during the first quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company’s stock valued at $829,641,000 after acquiring an additional 286,844 shares during the last quarter. Tiger Global Management LLC lifted its holdings in shares of Spotify Technology by 25.3% in the 1st quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company’s stock worth $766,527,000 after acquiring an additional 319,300 shares during the last quarter. Amundi lifted its holdings in shares of Spotify Technology by 20.0% in the 1st quarter. Amundi now owns 1,104,484 shares of the company’s stock worth $535,575,000 after acquiring an additional 183,994 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Spotify Technology by 53.4% in the 1st quarter. Principal Financial Group Inc. now owns 989,667 shares of the company’s stock valued at $479,899,000 after purchasing an additional 344,471 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Spotify Technology by 1.8% in the 1st quarter. Sei Investments Co. now owns 749,495 shares of the company’s stock valued at $363,415,000 after purchasing an additional 13,381 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $602.71 on Friday. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $668.49. The stock has a market capitalization of $124.09 billion, a price-to-earnings ratio of 39.96, a P/E/G ratio of 1.87 and a beta of 1.49. The company’s 50 day moving average price is $537.42 and its 200-day moving average price is $500.48.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.37). Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.64 billion. During the same period in the previous year, the firm earned $3.28 earnings per share. The firm’s quarterly revenue was up 16.3% compared to the same quarter last year. As a group, equities research analysts forecast that Spotify Technology will post 13.66 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPOT has been the topic of several recent research reports. Benchmark reduced their target price on shares of Spotify Technology from $695.00 to $650.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. TD Cowen reissued a “hold” rating and issued a $525.00 price target on shares of Spotify Technology in a research note on Friday, October 23rd. Cantor Fitzgerald upped their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “neutral” rating in a research report on Friday, October 23rd. UBS Group cut their price target on shares of Spotify Technology from $690.00 to $675.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $580.00 price objective (up from $540.00) on shares of Spotify Technology in a research note on Friday, October 23rd. Twenty-three research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $620.07.

Insider Transactions at Spotify Technology

In other Spotify Technology news, CEO Gustav Söderström sold 20,910 shares of the firm’s stock in a transaction on Monday, October 12th. The shares were sold at an average price of $530.13, for a total value of $11,085,018.30. Following the sale, the chief executive officer owned 19,908 shares of the company’s stock, valued at $10,553,828.04. This trade represents a 51.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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.

Spotify Technology Profile

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.