Spotify Technology (NYSE:SPOT) CEO Gustav Soderstrom Sells 20,833 Shares

Spotify Technology (NYSE:SPOT) CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the completion of the transaction, the chief executive officer owned 20,376 shares in the company, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Gustav Soderstrom also recently made the following trade(s):

• On Tuesday, May 5th, Gustav Soderstrom sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76.
• On Wednesday, April 1st, Gustav Soderstrom sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16.

Spotify Technology Trading Down 2.6%

Shares of SPOT stock opened at $488.24 on Thursday. The stock has a market capitalization of $100.52 billion, a P/E ratio of 38.90, a PEG ratio of 1.22 and a beta of 1.56. The firm’s 50 day moving average is $480.38 and its 200 day moving average is $516.21. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations 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 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. On average, equities analysts predict that Spotify Technology will post 14.72 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Benchmark dropped their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Citizens Jmp upped their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a “market outperform” rating in a research note on Friday, May 22nd. Wall Street Zen upgraded shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Morgan Stanley increased their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Finally, Arete Research upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 target price on the stock in a research note on Thursday, February 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $655.92.

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently bought and sold shares of SPOT. Bessemer Group Inc. increased its holdings in shares of Spotify Technology by 35.1% in the 3rd quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock worth $476,483,000 after buying an additional 177,310 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Spotify Technology by 12.9% in the 4th quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock worth $374,672,000 after buying an additional 73,722 shares during the last quarter. Truxt Investmentos Ltda. bought a new position in shares of Spotify Technology in the 3rd quarter worth $2,093,000. Vanguard Group Inc. increased its holdings in shares of Spotify Technology by 2.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock worth $702,106,000 after buying an additional 24,199 shares during the last quarter. Finally, City Holding Co. increased its holdings in shares of Spotify Technology by 2,515.9% in the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock worth $3,251,000 after buying an additional 5,384 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other 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.