Spotify Technology $SPOT Stock Sold by Tamar Securities LLC

Key Points

• Tamar Securities cut its Spotify stake by 4.0% in the third quarter, selling 2,053 shares; it held 49,685 shares worth about $24.2 million after the sale.
• Spotify’s latest quarterly results fell short of estimates: EPS was $2.81 versus $3.18 expected, and revenue was $5.63 billion versus $5.64 billion expected. Revenue still grew 16.3% year over year.
• Analyst sentiment remained generally positive, with 23 Buy, nine Hold, and one Sell rating; the consensus rating was “Moderate Buy” and the average price target was $620.07.

Tamar Securities LLC reduced its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 4.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,685 shares of the company's stock after selling 2,053 shares during the quarter. Spotify Technology makes up approximately 2.2% of Tamar Securities LLC's investment portfolio, making the stock its 18th largest position. Tamar Securities LLC's holdings in Spotify Technology were worth $24,215,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in SPOT. Asset Dedication LLC boosted its position in Spotify Technology by 85.5% in the 3rd quarter. Asset Dedication LLC now owns 128 shares of the company's stock valued at $62,000 after buying an additional 59 shares during the period. United Advisor Group LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $224,000. Alps Advisors Inc. raised its stake in shares of Spotify Technology by 14.3% during the third quarter. Alps Advisors Inc. now owns 4,236 shares of the company's stock valued at $2,065,000 after acquiring an additional 531 shares in the last quarter. CenterBook Partners LP boosted its holdings in shares of Spotify Technology by 362.8% in the third quarter. CenterBook Partners LP now owns 3,189 shares of the company's stock valued at $1,554,000 after purchasing an additional 2,500 shares during the period. Finally, Calamos Wealth Management LLC grew its stake in Spotify Technology by 1.3% in the third quarter. Calamos Wealth Management LLC now owns 14,343 shares of the company's stock worth $6,990,000 after purchasing an additional 179 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Insider Activity at Spotify Technology

In other news, CEO Gustav Söderström sold 20,910 shares of the stock in a transaction on 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 sale, the chief executive officer owned 19,908 shares in the company, valued at $10,553,828.04. This represents a 51.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 Stock Performance

SPOT stock traded down $11.70 during trading on Friday, reaching $602.71. The company had a trading volume of 1,842,409 shares, compared to its average volume of 1,851,221. The firm has a 50-day simple moving average of $537.42 and a 200-day simple moving average of $500.48. The company has a market cap 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 has a twelve month low of $405.00 and a twelve month high of $668.49.

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. 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. Zacks Research downgraded shares of Spotify Technology from a "hold" rating to a "strong sell" rating in a research note on Thursday, October 22nd. Stonex Financial lowered Spotify Technology from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 14th. Morgan Stanley lifted their price target on Spotify Technology from $640.00 to $700.00 and gave the company an "overweight" rating in a report on Friday, October 23rd. Finally, JPMorgan Chase & Co. boosted their price target on Spotify Technology from $650.00 to $700.00 and gave the stock an "overweight" rating in a research report on Friday, October 23rd. Twenty-three research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $620.07.

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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