DNB Asset Management AS Sells 1,155 Shares of Spotify Technology $SPOT

DNB Asset Management AS decreased its position in shares of Spotify Technology (NYSE:SPOT) by 2.9% in the 4th quarter, HoldingsChannel reports. The fund owned 39,208 shares of the company’s stock after selling 1,155 shares during the period. DNB Asset Management AS’s holdings in Spotify Technology were worth $22,768,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $26,000. Greykasell Wealth Strategies Inc. boosted its position in shares of Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares during the last quarter. Westfuller Advisors LLC purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $29,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $35,000. Finally, JPL Wealth Management LLC purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $35,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SPOT. Daiwa Securities Group began coverage on Spotify Technology in a research report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 price objective on the stock. Guggenheim cut their price objective on Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. The Goldman Sachs Group cut their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a research report on Friday, January 30th. Finally, Morgan Stanley began coverage on Spotify Technology in a research report on Monday, April 13th. They issued an “overweight” rating and a $630.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price of $645.77.

Key Stories Impacting Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify said it will adopt Apple’s HLS video technology for podcasts, a move that should make it easier for creators to distribute and monetize video podcasts across platforms, including Apple Podcasts. That could broaden Spotify-hosted content’s reach and support engagement with creators. TechCrunch article
• Positive Sentiment: Related coverage from multiple outlets emphasized that Spotify’s hosting platforms are adopting Apple’s video podcast technology, reinforcing the idea that the company is improving creator tools and cross-platform publishing. MacRumors article
• Neutral Sentiment: Spotify also cut prices for its Premium Standard tier in India and discontinued Premium Lite there. The move could help subscriber growth in a key market, but it may also pressure average revenue per user, so the overall stock impact is unclear. Moneycontrol article
• Negative Sentiment: Pomerantz LLP announced an investigation into claims on behalf of Spotify investors, adding a potential legal and headline-risk overhang that can weigh on sentiment. PR Newswire article

Insiders Place Their Bets

In other news, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the sale, the chief executive officer owned 20,492 shares in the company, valued at approximately $8,826,314.24. The trade was a 50.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at approximately $33,560,425.39. This trade represents a 7.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 47,102 shares of company stock worth $21,444,648. Company insiders own 0.40% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $436.74 on Friday. The stock has a market capitalization of $89.92 billion, a PE ratio of 34.80, a P/E/G ratio of 1.05 and a beta of 1.55. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $785.00. The business has a 50-day moving average of $487.47 and a 200 day moving average of $530.60.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the business posted $1.07 EPS. The business’s revenue was up 8.2% on a year-over-year basis. Analysts anticipate that Spotify Technology will post 14.87 EPS for the current year.

Spotify Technology Company 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.