Privium Fund Management B.V. Sells 22,000 Shares of Spotify Technology $SPOT

Key Points

• Privium Fund Management cut its Spotify stake by 40%, selling 22,000 shares in the third quarter and retaining 33,000 shares valued at about $16.1 million.
• Spotify’s latest quarter missed analyst expectations, reporting EPS of $2.81 versus $3.18 expected and revenue of $5.63 billion versus $5.64 billion; revenue nevertheless rose 16.3% year over year.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $620.07; 23 analysts rate the stock Buy, nine Hold and one Sell.

Privium Fund Management B.V. cut its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 40.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,000 shares of the company's stock after selling 22,000 shares during the period. Spotify Technology accounts for about 3.1% of Privium Fund Management B.V.'s holdings, making the stock its 9th biggest position. Privium Fund Management B.V.'s holdings in Spotify Technology were worth $16,084,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Montanova Capital LLC grew its holdings in shares of Spotify Technology by 9,154.5% during the second quarter. Montanova Capital LLC now owns 101,800 shares of the company's stock worth $46,739,000 after buying an additional 100,700 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in Spotify Technology during the 2nd quarter worth approximately $100,867,000. Ally Financial Inc. lifted its position in Spotify Technology by 100.0% during the 2nd quarter. Ally Financial Inc. now owns 7,000 shares of the company's stock worth $3,214,000 after acquiring an additional 3,500 shares during the period. HS Management Partners LLC purchased a new position in shares of Spotify Technology in the 2nd quarter valued at approximately $13,404,000. Finally, Plato Investment Management Ltd purchased a new position in shares of Spotify Technology in the 2nd quarter valued at approximately $1,363,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Gustav Söderström sold 20,910 shares of the business's stock in a transaction that occurred on Monday, October 12th. The stock was 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 of the company's stock, valued at $10,553,828.04. The trade was a 51.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SPOT. Guggenheim upped their price target on Spotify Technology from $575.00 to $650.00 and gave the stock a "buy" rating in a research note on Friday, October 23rd. Piper Sandler reaffirmed a "neutral" rating and set a $580.00 price target (up from $540.00) on shares of Spotify Technology in a report on Friday, October 23rd. Stonex Financial lowered shares of Spotify Technology from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, October 14th. Wall Street Zen cut shares of Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, Wells Fargo & Company boosted their target price on Spotify Technology from $570.00 to $660.00 and gave the stock an "overweight" rating in a research report on Friday, October 23rd. Twenty-three equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $620.07.

Spotify Technology Stock Down 1.9%

Shares of NYSE SPOT traded down $11.70 during midday trading on Friday, hitting $602.71. The company had a trading volume of 1,842,409 shares, compared to its average volume of 1,851,221. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $668.49. The business has a 50-day simple moving average of $537.42 and a two-hundred day simple moving average of $500.48. The firm has a market capitalization of $124.09 billion, a price-to-earnings ratio of 39.96, a price-to-earnings-growth ratio of 1.84 and a beta of 1.49.

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

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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