Spotify Technology $SPOT Shares Sold by Trillium Asset Management LLC

Trillium Asset Management LLC cut its stake in shares of Spotify Technology (NYSE:SPOT) by 3.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,178 shares of the company’s stock after selling 1,248 shares during the quarter. Trillium Asset Management LLC’s holdings in Spotify Technology were worth $19,096,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Montanova Capital LLC raised its stake in Spotify Technology by 9,154.5% during the second quarter. Montanova Capital LLC now owns 101,800 shares of the company’s stock worth $46,739,000 after buying an additional 100,700 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Spotify Technology in the second quarter valued at $100,867,000. Plato Investment Management Ltd acquired a new position in Spotify Technology in the second quarter valued at $1,363,000. HS Management Partners LLC acquired a new position in Spotify Technology in the second quarter valued at $13,404,000. Finally, Ally Financial Inc. boosted its position in Spotify Technology by 100.0% during the second quarter. Ally Financial Inc. now owns 7,000 shares of the company’s stock valued at $3,214,000 after acquiring an additional 3,500 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 2.2%

NYSE:SPOT traded up $13.28 during trading hours on Friday, reaching $611.79. The company had a trading volume of 968,237 shares, compared to its average volume of 1,931,504. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $654.68. The firm has a market cap of $125.96 billion, a price-to-earnings ratio of 40.56, a P/E/G ratio of 1.86 and a beta of 1.49. The business’s 50-day simple moving average is $542.95 and its two-hundred day simple moving average is $502.95.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Thursday, October 22nd. The company reported $2.81 earnings per share for the quarter, missing the consensus estimate of $3.18 by ($0.37). The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.64 billion. Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. Spotify Technology’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.28 EPS. As a group, equities analysts predict that Spotify Technology will post 13.60 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Gustav Söderström sold 20,910 shares of the business’s stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $599.37, for a total value of $12,532,826.70. Following the completion of the sale, the chief executive officer directly owned 19,792 shares of the company’s stock, valued at $11,862,731.04. The trade was a 51.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 62,733 shares of company stock valued at $34,998,490. Insiders own 0.40% of the company’s stock.

Recent Spotify Technology Headlines

Here are a few of the latest headlines about SPOT:

• Positive Sentiment: Spotify launched audiobooks in India, offering 15 listening hours per month for Rs 199 and titles in eight languages. The move expands its paid audio offering in a large market and could support subscriber engagement and revenue growth. Article: Spotify introduces audiobooks in India
• Positive Sentiment: The company added nine AI DJ voices, including an Indian-accented option, and gave Premium users a setting to reduce or disable commentary. These personalization updates may improve the listening experience and help retain users. Article: Spotify adds AI DJ voices and commentary controls
• Neutral Sentiment: CEO Gustav Söderström sold 20,910 shares, reducing his reported stake by 51.37%. The filing says the sale covered tax withholding obligations tied to vested equity awards, which makes it a less direct bearish signal than a sale explicitly made for investment reasons. SEC filing

Analysts Set New Price Targets

A number of analysts have weighed in on the company. TD Cowen reiterated a “hold” rating and set a $525.00 price target on shares of Spotify Technology in a report on Friday, October 23rd. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, August 26th. Oppenheimer boosted their price objective on Spotify Technology from $550.00 to $650.00 and gave the company an “outperform” rating in a research note on Friday, October 23rd. KeyCorp lowered their target price on Spotify Technology from $680.00 to $660.00 and set an “overweight” rating for the company in a report on Thursday, October 1st. Finally, UBS Group dropped their price target on Spotify Technology from $690.00 to $675.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Twenty-three equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average price target of $620.07.

About Spotify Technology

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.