Calamos Advisors LLC Sells 36,235 Shares of Spotify Technology $SPOT

Key Points

• Calamos Advisors cut its Spotify stake by 65.9% in the third quarter, selling 36,235 shares and retaining 18,714 shares valued at about $9.1 million.
• Spotify reported quarterly earnings of $2.81 per share, below the $3.18 analyst consensus, while revenue rose 16.3% year over year to $5.63 billion, slightly missing estimates.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $620.07; 23 analysts rated the stock Buy, nine Hold, and one Sell.

Calamos Advisors LLC decreased its stake in Spotify Technology (NYSE:SPOT - Free Report) by 65.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,714 shares of the company's stock after selling 36,235 shares during the period. Calamos Advisors LLC's holdings in Spotify Technology were worth $9,121,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Janus Henderson Group PLC lifted its stake in Spotify Technology by 20.1% in the first quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company's stock valued at $829,641,000 after purchasing an additional 286,844 shares during the last quarter. Tiger Global Management LLC increased its position in Spotify Technology by 25.3% in the first quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company's stock worth $766,527,000 after buying an additional 319,300 shares during the last quarter. Amundi increased its position in Spotify Technology by 20.0% in the first quarter. Amundi now owns 1,104,484 shares of the company's stock worth $535,575,000 after buying an additional 183,994 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Spotify Technology by 53.4% in the first quarter. Principal Financial Group Inc. now owns 989,667 shares of the company's stock valued at $479,899,000 after buying an additional 344,471 shares during the period. Finally, Sei Investments Co. raised its stake in shares of Spotify Technology by 1.8% in the first quarter. Sei Investments Co. now owns 749,495 shares of the company's stock valued at $363,415,000 after buying an additional 13,381 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Söderström sold 20,910 shares of the firm's stock in a transaction on Monday, October 12th. The shares were sold at an average price of $530.13, for a total transaction of $11,085,018.30. Following the sale, the chief executive officer owned 19,908 shares in the company, valued at approximately $10,553,828.04. This trade represents a 51.23% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.40% of the company's stock.

Spotify Technology Trading Down 1.9%

Shares of NYSE SPOT opened at $602.71 on Friday. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $668.49. The firm has a market capitalization of $124.09 billion, a price-to-earnings ratio of 39.96, a PEG ratio of 1.87 and a beta of 1.49. The business has a 50-day moving average of $537.42 and a 200-day moving average of $500.48.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Thursday, October 22nd. The company reported $2.81 earnings per share for the quarter, missing analysts' consensus estimates of $3.18 by ($0.37). Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. The company had revenue of $5.63 billion during the quarter, compared to analysts' expectations of $5.64 billion. During the same period in the prior year, the business earned $3.28 earnings per share. The company's revenue for the quarter was up 16.3% compared to the same quarter last year. On average, analysts predict that Spotify Technology will post 13.66 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on SPOT shares. Weiss Ratings upgraded shares of Spotify Technology from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, August 26th. KeyCorp decreased their target price on shares of Spotify Technology from $680.00 to $660.00 and set an "overweight" rating on the stock in a report on Thursday, October 1st. Wall Street Zen cut shares of Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Morgan Stanley raised their price target on shares of Spotify Technology from $640.00 to $700.00 and gave the company an "overweight" rating in a report on Friday, October 23rd. Finally, Argus reissued a "buy" rating and issued a $600.00 price target on shares of Spotify Technology in a report on Thursday, August 13th. Twenty-three research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $620.07.

Spotify Technology Profile

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content.

Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.

Spotify is headquartered in Luxembourg, with major operations in Sweden and other countries.

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