Zevenbergen Capital Investments LLC Cuts Position in Spotify Technology $SPOT

Key Points

• Zevenbergen Capital Investments cut its Spotify position by 38.9% in the third quarter, selling 20,100 shares and retaining 31,517 shares worth approximately $15.4 million.
• Other institutions largely increased their holdings, and institutional investors collectively own 84.09% of Spotify. Company insiders sold about $24.7 million of stock over the past three months, primarily to cover tax obligations on vested equity awards.
• Spotify shares recently traded at $528.22, while analysts maintained a “Moderate Buy” consensus with an average price target of $590.24. The company reported 13.9% year-over-year revenue growth but narrowly missed quarterly earnings and revenue estimates.

Zevenbergen Capital Investments LLC decreased its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 38.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,517 shares of the company's stock after selling 20,100 shares during the quarter. Zevenbergen Capital Investments LLC's holdings in Spotify Technology were worth $15,361,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in SPOT. Avidian Wealth Enterprises LLC lifted its position in Spotify Technology by 26.0% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 940 shares of the company's stock worth $458,000 after buying an additional 194 shares in the last quarter. Valeo Financial Advisors LLC increased its position in shares of Spotify Technology by 31.4% in the third quarter. Valeo Financial Advisors LLC now owns 1,822 shares of the company's stock valued at $888,000 after acquiring an additional 435 shares during the last quarter. Veracity Capital LLC raised its holdings in Spotify Technology by 2.5% during the third quarter. Veracity Capital LLC now owns 1,452 shares of the company's stock worth $708,000 after acquiring an additional 36 shares in the last quarter. Elevation Wealth Partners LLC boosted its position in Spotify Technology by 142.9% during the third quarter. Elevation Wealth Partners LLC now owns 85 shares of the company's stock valued at $41,000 after purchasing an additional 50 shares during the last quarter. Finally, Moody National Bank Trust Division boosted its position in Spotify Technology by 45.6% during the third quarter. Moody National Bank Trust Division now owns 3,189 shares of the company's stock valued at $1,554,000 after purchasing an additional 999 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Spotify Technology stock traded up $15.30 during mid-day trading on Thursday, hitting $528.22. 1,655,910 shares of the company's stock traded hands, compared to its average volume of 2,221,876. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $700.12. The stock has a market cap of $108.75 billion, a price-to-earnings ratio of 32.89, a P/E/G ratio of 1.49 and a beta of 1.61. The firm has a 50 day simple moving average of $517.06 and a two-hundred day simple moving average of $493.65.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share for the quarter, missing the consensus estimate of $3.16 by ($0.13). The company had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.47 billion. Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The firm's revenue was up 13.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.42) earnings per share. On average, research analysts anticipate that Spotify Technology will post 13.85 earnings per share for the current fiscal year.

Insider Transactions at Spotify Technology

In other Spotify Technology news, CEO Alex Norström sold 5,436 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $502.10, for a total value of $2,729,415.60. Following the completion of the sale, the chief executive officer owned 66,773 shares of the company's stock, valued at $33,526,723.30. The trade was a 7.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 Gustav Söderström sold 20,913 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $544.19, for a total transaction of $11,380,645.47. Following the transaction, the chief executive officer owned 20,025 shares in the company, valued at approximately $10,897,404.75. The trade was a 51.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 47,182 shares of company stock valued at $24,677,392. 0.40% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on SPOT. UBS Group lowered their price target on Spotify Technology from $690.00 to $675.00 and set a "buy" rating on the stock in a research report on Monday. Wall Street Zen downgraded shares of Spotify Technology from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Cantor Fitzgerald upped their price target on shares of Spotify Technology from $510.00 to $530.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 5th. Piper Sandler initiated coverage on shares of Spotify Technology in a research note on Thursday. They issued a "neutral" rating and a $540.00 price target for the company. Finally, Benchmark decreased their price objective on shares of Spotify Technology from $695.00 to $650.00 and set a "buy" rating for the company in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and an average target price of $590.24.

Trending Headlines about Spotify Technology

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

• Positive Sentiment: Joe Rogan deal reinforces Spotify’s podcast leadership. Spotify reportedly renewed “The Joe Rogan Experience” under a multiyear licensing and advertising agreement estimated at approximately $250 million. The show remains the leading U.S. podcast by listenership, giving Spotify continued access to a major audience and valuable advertising inventory. Spotify secures $250 million renewal with Joe Rogan
• Positive Sentiment: Audiobooks are expanding internationally. Spotify plans to make its audiobook service available in more than 180 markets by the end of 2026, up from 22, with roughly 350,000 titles in more than 120 languages. The broader rollout could create additional subscription, usage and advertising opportunities while diversifying Spotify beyond music. Spotify expands audiobooks to over 180 markets
• Neutral Sentiment: Spotify is exploring enterprise software revenue. The launch of technology.spotify.com makes the company’s internal technology and developer tools available to outside organizations. This could become a new business line, but the financial contribution and adoption timeline are not yet clear. Spotify is getting more serious about selling enterprise software
• Neutral Sentiment: Piper Sandler initiated coverage with a Neutral rating and a $540 price target. The target implies limited near-term upside from recent trading levels, signaling that the firm sees balanced risk and reward rather than a strong catalyst.
• Negative Sentiment: Valuation and analyst caution could limit gains. UBS lowered its expectations for Spotify’s share price, while commentary has questioned whether the company’s roughly $109 billion market capitalization is justified. Spotify also recently reported quarterly revenue and earnings below consensus estimates, despite double-digit year-over-year revenue growth.

Spotify Technology Company Profile

Spotify Technology SA is a global audio streaming company that operates the Spotify platform. The service provides users with access to a broad catalog of music, podcasts and audiobooks, along with personalized recommendations, playlists and other discovery features.

Spotify offers a subscription-based Premium service with enhanced listening features, as well as an ad-supported service available at no direct cost to users. The company generates revenue primarily through Premium subscriptions and advertising, including audio, video and display advertising delivered across its platform.

Founded in 2006 by Daniel Ek and Martin Lorentzon, Spotify is headquartered in Stockholm, Sweden, and serves listeners, creators, advertisers and other partners across markets worldwide.

Want to see what other hedge funds are holding SPOT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Spotify Technology (NYSE:SPOT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.