Wellington Management Group LLP Sells 208,285 Shares of Spotify Technology $SPOT

Wellington Management Group LLP reduced its position in Spotify Technology (NYSE:SPOT) by 6.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 3,111,553 shares of the company’s stock after selling 208,285 shares during the period. Wellington Management Group LLP’s holdings in Spotify Technology were worth $1,428,607,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Quadcap Wealth Management LLC raised its stake in Spotify Technology by 5.7% in the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after buying an additional 16 shares during the period. Objectivity Squared LLC lifted its position in shares of Spotify Technology by 0.8% in 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 last quarter. Condor Capital Management boosted its stake in shares of Spotify Technology by 2.6% during the 4th quarter. Condor Capital Management now owns 990 shares of the company’s stock worth $575,000 after acquiring an additional 25 shares during the period. Carl P. Sherr & Co. LLC boosted its stake in shares of Spotify Technology by 0.7% during the 1st quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company’s stock worth $2,007,000 after acquiring an additional 27 shares during the period. Finally, CNB Bank increased its holdings in shares of Spotify Technology by 3.5% during the 4th quarter. CNB Bank now owns 831 shares of the company’s stock worth $483,000 after acquiring an additional 28 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 4.0%

Shares of NYSE:SPOT opened at $548.35 on Friday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $745.00. The business has a 50 day moving average of $493.67 and a 200-day moving average of $488.71. The stock has a market cap of $112.89 billion, a PE ratio of 34.14, a P/E/G ratio of 1.29 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). The firm had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.Spotify Technology’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.42) EPS. Equities research analysts expect that Spotify Technology will post 14.3 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Barclays increased their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Guggenheim reaffirmed a “buy” rating and set a $565.00 price objective on shares of Spotify Technology in a research report on Wednesday, August 5th. Cantor Fitzgerald upped their price objective on shares of Spotify Technology from $510.00 to $530.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Wall Street Zen lowered shares of Spotify Technology from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings upgraded shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $609.05.

Insiders Place Their Bets

In other news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the completion of the sale, the chief executive officer owned 20,376 shares of the company’s stock, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the completion of the sale, the chief executive officer directly owned 66,773 shares of the company’s stock, valued at approximately $33,526,723.30. The trade was a 7.53% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 73,371 shares of company stock worth $36,222,251. Insiders own 0.40% of the company’s stock.

Key Headlines Impacting Spotify Technology

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

• Positive Sentiment: A bullish analysis argues that Spotify’s improving fundamentals and stock price well below last year’s peak could create substantial upside through 2030. The thesis highlights a potential disconnect between the company’s operating performance and its valuation, despite Spotify’s latest quarterly revenue rising 13.9% year over year. Prediction: Spotify Stock Could Be a Monster Winner by 2030
• Positive Sentiment: Spotify launched Premium Early Access in India, giving paying subscribers earlier access to releases from prominent artists including Badshah and Harrdy Sandhu. The initiative could improve premium-user engagement, strengthen Spotify’s position in India and support future monetization in a large growth market. Spotify launches Premium Early Access in India
• Neutral Sentiment: A discussion of Sweden’s startup ecosystem provides broader technology-sector context but does not announce a material change to Spotify’s operations, financial outlook or valuation. How Sweden built one of Europe’s hottest startup ecosystems
• Negative Sentiment: Spotify’s ad-skipping feature is raising questions about the company’s podcast strategy. Although it may improve the listener experience, easier avoidance of podcast ads could reduce advertising value or complicate revenue sharing for creators and Spotify. Spotify Ad-Skipping Feature Blurs Company Impact On Podcasting

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.