Greenland Capital Management LP Sells 3,739 Shares of Spotify Technology $SPOT

Greenland Capital Management LP reduced its stake in shares of Spotify Technology (NYSE:SPOT) by 84.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 700 shares of the company’s stock after selling 3,739 shares during the quarter. Greenland Capital Management LP’s holdings in Spotify Technology were worth $321,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SPOT. Pin Oak Investment Advisors Inc. purchased a new position in shares of Spotify Technology during the second quarter valued at about $27,000. Portus Wealth Advisors LLC purchased a new stake in Spotify Technology in the first quarter worth about $32,000. Kemnay Advisory Services Inc. purchased a new stake in Spotify Technology in the fourth quarter worth about $32,000. Whipplewood Advisors LLC boosted its position 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 acquiring an additional 55 shares in the last quarter. Finally, Palladiem LLC bought a new stake in Spotify Technology during the 1st quarter valued at approximately $34,000. 84.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Söderström sold 20,833 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $507.24, for a total value of $10,567,330.92. Following the completion of the transaction, the chief executive officer owned 20,142 shares in the company, valued at $10,216,828.08. The trade was a 50.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norström sold 5,436 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $502.10, for a total value of $2,729,415.60. Following the transaction, the chief executive officer directly owned 66,773 shares in the company, valued at approximately $33,526,723.30. The trade was a 7.53% 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. Over the last quarter, insiders have sold 52,538 shares of company stock worth $25,878,250. Company insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $542.08 on Tuesday. The firm’s 50 day moving average price is $504.84 and its 200-day moving average price is $492.78. The company has a market cap of $111.60 billion, a PE ratio of 33.75, a P/E/G ratio of 1.60 and a beta of 1.59. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $745.00.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Guggenheim reissued a “buy” rating and issued a $565.00 target price on shares of Spotify Technology in a research report on Wednesday, August 5th. UBS Group reduced their price target on Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Barclays increased their price objective on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Benchmark dropped 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. Finally, Citizens Jmp increased their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $609.05.

Spotify Technology 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.