Spotify Technology $SPOT Stock Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Spotify stake by 17.1% in the third quarter, selling 37,500 shares; it retained 181,295 shares valued at about $89.1 million.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $620.07. Twenty-three analysts rate the stock Buy, nine Hold and one Sell.
• Spotify reported quarterly EPS of $2.81, below the $3.18 consensus, while revenue rose 16.3% year over year to $5.63 billion, roughly in line with expectations.

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 17.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 181,295 shares of the company's stock after selling 37,500 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.09% of Spotify Technology worth $89,088,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in SPOT. Pin Oak Investment Advisors Inc. bought a new stake in shares of Spotify Technology during the second quarter worth $27,000. Palladiem LLC purchased a new position in shares of Spotify Technology during the first quarter worth approximately $34,000. Tsfg LLC increased its position in shares of Spotify Technology by 39.7% during the second quarter. Tsfg LLC now owns 81 shares of the company's stock worth $37,000 after acquiring an additional 23 shares during the period. Elevation Wealth Partners LLC lifted its position in shares of Spotify Technology by 142.9% in the 3rd quarter. Elevation Wealth Partners LLC now owns 85 shares of the company's stock worth $41,000 after purchasing an additional 50 shares during the period. Finally, Blume Capital Management Inc. lifted its position in shares of Spotify Technology by 2,000.0% during the third quarter. Blume Capital Management Inc. now owns 84 shares of the company's stock valued at $41,000 after buying an additional 80 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Morgan Stanley upped their price objective 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. Rosenblatt Securities reiterated a "neutral" rating and issued a $527.00 target price on shares of Spotify Technology in a research note on Tuesday, October 20th. Cantor Fitzgerald boosted their target price on shares of Spotify Technology from $490.00 to $550.00 and gave the stock a "neutral" rating in a research report on Friday, October 23rd. KeyCorp cut their price target on shares of Spotify Technology from $680.00 to $660.00 and set an "overweight" rating on the stock in a research note on Thursday, October 1st. Finally, Wells Fargo & Company raised their price target on shares of Spotify Technology from $570.00 to $660.00 and gave the stock an "overweight" rating in a report on Friday, October 23rd. Twenty-three research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $620.07.

Spotify Technology Price Performance

NYSE SPOT opened at $608.67 on Tuesday. The company has a fifty day moving average of $538.63 and a 200 day moving average of $501.01. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $668.49. The company has a market capitalization of $125.31 billion, a PE ratio of 41.62, a P/E/G ratio of 1.94 and a beta of 1.49.

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

Insider Activity at Spotify Technology

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

Spotify Technology Company 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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