Calamos Advisors LLC Sells 4,191 Shares of Spotify Technology $SPOT

Calamos Advisors LLC cut its stake in shares of Spotify Technology (NYSE:SPOT) by 9.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,619 shares of the company’s stock after selling 4,191 shares during the quarter. Calamos Advisors LLC’s holdings in Spotify Technology were worth $18,727,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Quadcap Wealth Management LLC raised its position in Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after purchasing an additional 16 shares in the last quarter. Sagespring Wealth Partners LLC grew its position in shares of Spotify Technology by 2.9% during the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after buying an additional 18 shares in the last quarter. Objectivity Squared LLC increased its stake in shares of Spotify Technology by 0.8% during the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock valued at $1,499,000 after buying an additional 20 shares during the period. GAMMA Investing LLC increased its stake in shares of Spotify Technology by 1.4% during the fourth quarter. GAMMA Investing LLC now owns 1,667 shares of the company’s stock valued at $968,000 after buying an additional 23 shares during the period. Finally, Greenleaf Trust raised its holdings in shares of Spotify Technology by 5.8% in the fourth quarter. Greenleaf Trust now owns 455 shares of the company’s stock valued at $264,000 after acquiring an additional 25 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 0.2%

Shares of Spotify Technology stock opened at $480.56 on Wednesday. The company has a market cap of $98.94 billion, a P/E ratio of 38.29, a PEG ratio of 1.18 and a beta of 1.56. The firm’s 50 day moving average price is $473.01 and its 200-day moving average price is $493.29. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30.

Spotify Technology (NYSE:SPOT) last posted its 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 during 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 for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.07 earnings per share. As a group, equities research analysts forecast that Spotify Technology will post 14.62 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on SPOT shares. Cantor Fitzgerald increased their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Benchmark reduced their price target on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Citizens Jmp upped 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 report on Friday, May 22nd. Wells Fargo & Company dropped their price objective on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating on the stock in a research note on Thursday, July 9th. Finally, Barclays increased their target price on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $638.58.

Trending Headlines about Spotify Technology

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

• Positive Sentiment: Spotify launched a conversational AI assistant for Premium users, allowing listeners to request music and get personalized help inside the app, a potential engagement and retention boost. Spotify expands its AI push with a ChatGPT-like music assistant
• Positive Sentiment: Multiple outlets highlighted the new AI experience as a major upgrade to Spotify’s app, reinforcing the company’s push to use artificial intelligence to improve discovery and user satisfaction. Spotify’s new conversational AI can play tracks you request and answer your music questions
• Positive Sentiment: Spotify’s new controls for Release Radar may help users find new music more easily, supporting better discovery and longer time spent in the app. Spotify just gave Release Radar new controls so you can find new music your way

Insider Buying and Selling at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the completion of the sale, the chief executive officer owned 67,582 shares in the company, valued at approximately $32,497,480.52. This represents a 7.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director directly owned 3,619 shares of the company’s stock, valued at $1,903,594. The trade was a 60.21% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 111,442 shares of company stock valued at $54,757,553. Corporate insiders own 0.40% of the company’s stock.

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.