Greenland Capital Management LP Lowers Holdings in Spotify Technology $SPOT

Key Points

• Greenland Capital Management cut its Spotify stake by 84.2% in the second quarter, selling 3,739 shares and retaining 700 shares valued at approximately $321,000. Institutional investors collectively own 84.09% of Spotify.
• Analyst sentiment remains positive, with Spotify holding a “Moderate Buy” consensus rating and an average price target of $609.05, despite mixed target revisions and one downgrade to “Hold.”
• Spotify reported quarterly revenue of $5.45 billion, up 13.9% year over year, but its $3.03 EPS missed estimates of $3.16. Meanwhile, insiders sold $25.9 million of shares over the past three months, primarily to cover tax obligations on vested equity awards.

Greenland Capital Management LP reduced its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 84.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 700 shares of the company's stock after selling 3,739 shares during the period. Greenland Capital Management LP's holdings in Spotify Technology were worth $321,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Ameritas Advisory Services LLC boosted its stake in Spotify Technology by 113.0% during the second quarter. Ameritas Advisory Services LLC now owns 1,031 shares of the company's stock valued at $473,000 after buying an additional 547 shares during the period. HB Wealth Management LLC raised its position in Spotify Technology by 7.8% during the second quarter. HB Wealth Management LLC now owns 3,798 shares of the company's stock valued at $1,744,000 after purchasing an additional 275 shares in the last quarter. Saudi Central Bank raised its position in Spotify Technology by 107.9% during the second quarter. Saudi Central Bank now owns 121,949 shares of the company's stock valued at $55,990,000 after purchasing an additional 63,286 shares in the last quarter. Angeles Wealth Management LLC lifted its stake in Spotify Technology by 3.4% during the second quarter. Angeles Wealth Management LLC now owns 1,413 shares of the company's stock worth $649,000 after purchasing an additional 47 shares during the last quarter. Finally, Riverview Capital Advisers LLC lifted its stake in Spotify Technology by 15.3% during the second quarter. Riverview Capital Advisers LLC now owns 490 shares of the company's stock worth $225,000 after purchasing an additional 65 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on SPOT. UBS Group reduced their price objective on Spotify Technology from $735.00 to $690.00 and set a "buy" rating on the stock in a research report on Friday, July 10th. Morgan Stanley boosted their target price on Spotify Technology from $590.00 to $610.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Wall Street Zen lowered Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Citizens Jmp increased their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research report on Friday, May 22nd. Finally, Weiss Ratings raised shares of Spotify Technology from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and an average target price of $609.05.

Insiders Place Their Bets

In other Spotify Technology news, CEO Gustav Söderström sold 20,833 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $507.24, for a total value of $10,567,330.92. Following the transaction, the chief executive officer owned 20,142 shares in the company, valued at approximately $10,216,828.08. The trade was a 50.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norström 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 transaction, the chief executive officer owned 66,773 shares in the company, valued at $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. In the last three months, 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 SPOT stock opened at $542.08 on Tuesday. The company has a market capitalization of $111.60 billion, a P/E ratio of 33.75, a PEG ratio of 1.60 and a beta of 1.59. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $745.00. The stock has a 50 day moving average price of $504.84 and a two-hundred day moving average price of $492.78.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.13). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The firm had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.47 billion. During the same quarter in the prior year, the business posted ($0.42) EPS. The firm's revenue for the quarter was up 13.9% on a year-over-year basis. As a group, equities analysts predict that Spotify Technology will post 14.29 earnings per share for the current year.

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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