Pinnbrook Capital Management LP reduced its position in Spotify Technology (NYSE:SPOT – Free Report) by 95.2% in the 4th quarter, Holdings Channel reports. The firm owned 857 shares of the company’s stock after selling 16,838 shares during the period. Pinnbrook Capital Management LP’s holdings in Spotify Technology were worth $498,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Quadcap Wealth Management LLC raised its stake 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 acquiring an additional 16 shares during the last quarter. Sage Mountain Advisors LLC raised its stake in Spotify Technology by 6.3% during the 3rd quarter. Sage Mountain Advisors LLC now owns 289 shares of the company’s stock valued at $201,000 after acquiring an additional 17 shares during the last quarter. Sagespring Wealth Partners LLC raised its stake in Spotify Technology by 2.9% during the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after acquiring an additional 18 shares during the last quarter. Ameritas Advisory Services LLC raised its stake in Spotify Technology by 7.9% during the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company’s stock valued at $181,000 after acquiring an additional 19 shares during the last quarter. Finally, Aprio Wealth Management LLC raised its stake in Spotify Technology by 3.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company’s stock valued at $442,000 after acquiring an additional 19 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have commented on SPOT. Wells Fargo & Company reduced their price objective on Spotify Technology from $640.00 to $580.00 and set an “overweight” rating for the company in a research note on Wednesday, April 29th. Weiss Ratings raised Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. Cantor Fitzgerald reduced their price objective on Spotify Technology from $525.00 to $430.00 and set a “neutral” rating for the company in a research note on Wednesday, April 29th. Canaccord Genuity Group reduced their price objective on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Finally, The Goldman Sachs Group reduced their price objective on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $645.77.
Spotify Technology Trading Up 13.2%
NYSE SPOT opened at $490.66 on Friday. The business’s 50 day moving average is $479.71 and its two-hundred day moving average is $523.90. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The stock has a market capitalization of $101.02 billion, a price-to-earnings ratio of 39.10, a PEG ratio of 1.05 and a beta of 1.55.
Spotify Technology (NYSE:SPOT – Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) 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 company had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the previous year, the firm posted $1.07 EPS. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. Equities analysts forecast that Spotify Technology will post 14.87 earnings per share for the current fiscal year.
Key Spotify Technology News
Here are the key news stories impacting Spotify Technology this week:
- Positive Sentiment: Spotify and Universal Music Group announced licensing agreements that will let Premium users create “responsible” AI-generated covers and remixes, with participating artists and songwriters set to share in the revenue. Spotify strikes deal with Universal Music to let premium users create AI covers, remixes
- Positive Sentiment: At its first Investor Day since 2022, Spotify updated its 2030 outlook, targeting mid-teens annual revenue growth and gross margins of 35% to 40%, signaling stronger profitability and cash-flow potential. Spotify stock pops on guidance at first investor day since 2022
- Positive Sentiment: Spotify announced new fan-engagement features, including reserving concert tickets for top fans, which could improve retention and create additional value for artists and subscribers. Spotify Will Set Aside Concert Tickets for Artists’ Superfans
- Positive Sentiment: The company also introduced additional AI tools for podcasts and audiobooks, broadening its content-creation ecosystem and potentially opening new subscription and creator revenue streams. Spotify adds AI-powered Q&A and briefing generation features to podcasts
- Neutral Sentiment: Canada is changing rules that could raise costs for Spotify and other streaming platforms, but this appears to be a secondary headline compared with the Investor Day and AI announcements. Netflix, Spotify to face higher costs as Canada changes rules
- Negative Sentiment: A law firm also said it is investigating claims on behalf of Spotify investors, which could add legal overhang if the probe develops further. INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Spotify Technology S.A. – SPOT
Insider Activity at Spotify Technology
In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the transaction, the chief executive officer owned 69,989 shares in the company, valued at approximately $33,560,425.39. The trade was a 7.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the transaction, the chief executive officer owned 20,609 shares in the company, valued at $9,758,773.68. The trade was a 50.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 47,102 shares of company stock worth $21,444,648 in the last quarter. 0.40% of the stock is currently owned by insiders.
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.
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