Spotify Technology $SPOT Shares Sold by Bornite Capital Management LP

Key Points

• Bornite Capital Management reduced its Spotify stake by 20% in the fourth quarter, selling 5,000 shares and leaving it with 20,000 shares worth about $11.6 million.
• Spotify reported a strong quarterly earnings beat, with EPS of $4.04 versus the $3.41 estimate and revenue of $5.25 billion, up 8.2% year over year.
• Despite the upbeat fundamentals and generally positive analyst ratings, insiders have been selling, including recent large sales by a director and the CEO, while the stock was down about 1.1% in recent trading.

Bornite Capital Management LP lessened its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 20.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,000 shares of the company's stock after selling 5,000 shares during the quarter. Spotify Technology accounts for 1.1% of Bornite Capital Management LP's portfolio, making the stock its 23rd largest position. Bornite Capital Management LP's holdings in Spotify Technology were worth $11,614,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the business. State Street Corp grew its position in shares of Spotify Technology by 1.9% in the 4th quarter. State Street Corp now owns 4,712,249 shares of the company's stock worth $2,736,450,000 after acquiring an additional 89,951 shares in the last quarter. Capital World Investors grew its position in shares of Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company's stock worth $1,663,024,000 after acquiring an additional 133,108 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of Spotify Technology by 2.4% in the 4th quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company's stock worth $1,547,890,000 after acquiring an additional 62,887 shares in the last quarter. Coatue Management LLC grew its position in shares of Spotify Technology by 13.3% in the 3rd quarter. Coatue Management LLC now owns 1,803,173 shares of the company's stock worth $1,258,615,000 after acquiring an additional 212,006 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Spotify Technology by 5.7% in the 4th quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company's stock worth $991,223,000 after acquiring an additional 93,274 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

Trending Headlines about Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify’s Investor Day emphasized long-term growth targets focused on increasing subscriber conversion and strengthening its broader brand and AI-driven strategy, which investors viewed favorably. Spotify's "North Star" Outlook Was Music to Investors Ears
• Positive Sentiment: Spotify also brought in a new head of PR and communications, signaling a stronger focus on reputation management and clearer messaging as it expands its content and AI initiatives. Will Spotify (SPOT) Elevate Its Brand Narrative As AI Strategy Deepens Under New PR Leadership?
• Neutral Sentiment: Spotify reversed its iPhone app icon change after user backlash, a small brand-related issue that is unlikely to materially affect fundamentals. Spotify reverts iPhone app icon to original after disco-ball backlash
• Negative Sentiment: Several analysts trimmed earnings estimates slightly, including Erste Group Bank lowering FY2026 and FY2027 EPS forecasts, which adds a modest headwind to sentiment. Spotify Technology (SPOT) analyst estimate updates
• Negative Sentiment: Recent trading has also reflected broader weakness, with SPOT sliding in the latest sessions even as the market rose, suggesting investors are still cautious after a strong run. Spotify (SPOT) Stock Slides as Market Rises: Facts to Know Before You Trade

Spotify Technology Trading Down 1.1%

Shares of NYSE SPOT opened at $480.77 on Friday. The company has a market cap of $98.98 billion, a price-to-earnings ratio of 38.31, a price-to-earnings-growth ratio of 1.18 and a beta of 1.56. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The stock's 50 day simple moving average is $482.76 and its 200 day simple moving average is $510.88.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly 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. The business had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business's revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the business posted $1.07 EPS. As a group, equities analysts forecast that Spotify Technology will post 14.71 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of several research reports. Daiwa Securities Group initiated coverage on Spotify Technology in a research report on Thursday, March 26th. They issued an "outperform" rating and a $535.00 target price for the company. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Barclays lifted their target price on Spotify Technology from $500.00 to $565.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. The Goldman Sachs Group decreased their target price on Spotify Technology from $670.00 to $600.00 and set a "buy" rating for the company in a research report on Wednesday, April 29th. Finally, Cantor Fitzgerald lifted their target price on Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $655.92.

Insiders Place Their Bets

In related news, Director Sven Hans Martin Lorentzon sold 35,380 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company's stock, valued at approximately $3,355,734.59. This trade represents a 84.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total value of $10,344,001.16. Following the completion of the sale, the chief executive officer directly owned 20,376 shares in the company, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by insiders.

Spotify Technology 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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