Spotify Technology $SPOT Shares Sold by Tidal Investments LLC

Tidal Investments LLC cut its stake in Spotify Technology (NYSE:SPOT) by 31.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,704 shares of the company’s stock after selling 8,684 shares during the period. Tidal Investments LLC’s holdings in Spotify Technology were worth $8,588,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of SPOT. Montanova Capital LLC boosted its holdings in shares of Spotify Technology by 9,154.5% in the second quarter. Montanova Capital LLC now owns 101,800 shares of the company’s stock valued at $46,739,000 after acquiring an additional 100,700 shares during the period. SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of Spotify Technology in the 4th quarter valued at $1,162,000. Sycale Advisors NY LLC raised its position in Spotify Technology by 89.6% in the 4th quarter. Sycale Advisors NY LLC now owns 36,075 shares of the company’s stock valued at $20,949,000 after purchasing an additional 17,050 shares during the last quarter. Ally Financial Inc. raised its position in Spotify Technology by 100.0% in the 2nd quarter. Ally Financial Inc. now owns 7,000 shares of the company’s stock valued at $3,214,000 after purchasing an additional 3,500 shares during the last quarter. Finally, Plato Investment Management Ltd acquired a new stake in Spotify Technology during the 2nd quarter worth $1,363,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Insider Buying and Selling

In related news, CEO Alex Norström sold 5,436 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total value of $2,729,415.60. Following the completion of the transaction, the chief executive officer directly owned 66,773 shares of the company’s stock, valued at $33,526,723.30. This trade represents a 7.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Söderström sold 20,833 shares of Spotify Technology 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 transaction, the chief executive officer directly owned 20,142 shares of the company’s stock, valued at approximately $10,216,828.08. This represents a 50.84% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 52,538 shares of company stock worth $25,878,250. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $526.99 on Friday. Spotify Technology has a one year low of $405.00 and a one year high of $745.00. The firm has a market capitalization of $108.50 billion, a P/E ratio of 32.81, a PEG ratio of 1.55 and a beta of 1.59. The company’s fifty day moving average is $508.83 and its two-hundred day moving average is $493.86.

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SPOT shares. Citizens Jmp increased their target price 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. Guggenheim restated a “buy” rating and issued a $565.00 price target on shares of Spotify Technology in a research report on Wednesday, August 5th. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 26th. Finally, Cantor Fitzgerald boosted their target price on Spotify Technology from $510.00 to $530.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. 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. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $609.05.

About Spotify Technology

Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.

Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.

Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.