Groupe la Francaise Sells 2,123 Shares of Spotify Technology $SPOT

Key Points

• Groupe la Francaise cut its Spotify stake by 38.5% in the second quarter, selling 2,123 shares and retaining 3,386 shares valued at approximately $1.51 million. Institutional investors collectively own 84.09% of Spotify.
• Analysts maintain a generally positive view, with Spotify holding a “Moderate Buy” consensus rating and an average price target of $609.05. Recent target changes ranged from $570 to $690.
• Spotify’s latest quarterly results slightly missed expectations, with earnings per share of $3.03 versus the $3.16 consensus and revenue of $5.45 billion, though revenue rose 13.9% year over year. Company insiders also sold $25.9 million of stock over the past 90 days, primarily to cover tax obligations on vested equity awards.

Groupe la Francaise trimmed its stake in Spotify Technology (NYSE:SPOT - Free Report) by 38.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,386 shares of the company's stock after selling 2,123 shares during the period. Groupe la Francaise's holdings in Spotify Technology were worth $1,513,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SPOT. Quadcap Wealth Management LLC grew its holdings in shares of Spotify Technology by 5.7% during the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company's stock worth $206,000 after purchasing an additional 16 shares in the last quarter. Tsfg LLC lifted its position in Spotify Technology by 39.7% in the second quarter. Tsfg LLC now owns 81 shares of the company's stock worth $37,000 after purchasing an additional 23 shares during the period. Condor Capital Management lifted its position in Spotify Technology by 2.6% in the fourth quarter. Condor Capital Management now owns 990 shares of the company's stock worth $575,000 after purchasing an additional 25 shares during the period. Carl P. Sherr & Co. LLC boosted its stake in Spotify Technology by 0.7% during the first quarter. Carl P. Sherr & Co. LLC now owns 4,138 shares of the company's stock worth $2,007,000 after buying an additional 27 shares in the last quarter. Finally, CNB Bank boosted its stake in Spotify Technology by 3.5% during the fourth quarter. CNB Bank now owns 831 shares of the company's stock worth $483,000 after buying an additional 28 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

SPOT has been the subject of a number of recent research reports. Citizens Jmp increased their price objective on shares of Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research note on Friday, May 22nd. Benchmark decreased their target price on shares of Spotify Technology from $695.00 to $650.00 and set a "buy" rating on the stock in a research report on Wednesday, July 22nd. UBS Group lowered their target price on shares of Spotify Technology from $735.00 to $690.00 and set a "buy" rating on the stock in a research note on Friday, July 10th. Wells Fargo & Company dropped their price target on shares of Spotify Technology from $600.00 to $570.00 and set an "overweight" rating for the company in a research report on Thursday, July 9th. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus target price of $609.05.

Insider Buying and Selling at Spotify Technology

In related news, CEO Gustav Söderström sold 20,833 shares of the firm's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $478.45, for a total value of $9,967,548.85. Following the transaction, the chief executive officer owned 20,259 shares in the company, valued at $9,692,918.55. This trade represents a 50.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $502.10, for a total value of $2,729,415.60. Following the sale, the chief executive officer directly owned 66,773 shares of the company's stock, valued at $33,526,723.30. This represents a 7.53% 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 ninety days, insiders have sold 52,538 shares of company stock worth $25,878,250. Company insiders own 0.40% of the company's stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $527.60 on Wednesday. The business's fifty day moving average is $506.20 and its two-hundred day moving average is $493.13. The firm has a market cap of $108.62 billion, a P/E ratio of 32.85, a P/E/G ratio of 1.60 and a beta of 1.59. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $745.00.

Spotify Technology (NYSE:SPOT - Get Free Report) 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 business had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.47 billion. Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The business's quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.42) earnings per share. On average, equities research analysts predict that Spotify Technology will post 14.29 earnings per share for the current year.

Spotify Technology Company Profile

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.

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