Spotify Technology $SPOT Stock: Cornerstone Advisors LLC Trims Position

Cornerstone Advisors LLC decreased its position in Spotify Technology (NYSE:SPOT) by 66.5% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 6,472 shares of the company’s stock after selling 12,851 shares during the period. Cornerstone Advisors LLC’s holdings in Spotify Technology were worth $3,154,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SPOT. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Spotify Technology in the second quarter worth $27,000. Palladiem LLC purchased a new stake in Spotify Technology in the 1st quarter worth about $34,000. Fairscale Capital LLC boosted its position in Spotify Technology by 35.2% during the 3rd quarter. Fairscale Capital LLC now owns 73 shares of the company’s stock worth $36,000 after acquiring an additional 19 shares during the period. Tsfg LLC boosted its position in Spotify Technology by 39.7% during the 2nd quarter. Tsfg LLC now owns 81 shares of the company’s stock worth $37,000 after acquiring an additional 23 shares during the period. Finally, Elevation Wealth Partners LLC boosted its position in Spotify Technology by 142.9% during the 3rd quarter. Elevation Wealth Partners LLC now owns 85 shares of the company’s stock worth $41,000 after acquiring an additional 50 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Recent Spotify Technology Headlines

Investors following SPOT have been watching these headlines:

• Positive Sentiment: Spotify launched audiobooks in India, offering 15 listening hours per month for Rs 199 and titles in eight languages. The move expands its paid audio offering in a large market and could support subscriber engagement and revenue growth. Article: Spotify introduces audiobooks in India
• Positive Sentiment: The company added nine AI DJ voices, including an Indian-accented option, and gave Premium users a setting to reduce or disable commentary. These personalization updates may improve the listening experience and help retain users. Article: Spotify adds AI DJ voices and commentary controls
• Neutral Sentiment: CEO Gustav Söderström sold 20,910 shares, reducing his reported stake by 51.37%. The filing says the sale covered tax withholding obligations tied to vested equity awards, which makes it a less direct bearish signal than a sale explicitly made for investment reasons. SEC filing

Insider Transactions at Spotify Technology

In other news, CEO Gustav Söderström sold 20,910 shares of the firm’s stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $599.37, for a total value of $12,532,826.70. Following the sale, the chief executive officer directly owned 19,792 shares of the company’s stock, valued at approximately $11,862,731.04. This trade represents a 51.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 62,733 shares of company stock worth $34,998,490 in the last three months. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of research reports. Citizens Jmp reiterated a “market outperform” rating and issued a $625.00 target price on shares of Spotify Technology in a report on Friday, October 23rd. Guggenheim boosted their price objective on shares of Spotify Technology from $575.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, October 23rd. Zacks Research lowered shares of Spotify Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 22nd. Piper Sandler reissued a “neutral” rating and set a $580.00 target price (up from $540.00) on shares of Spotify Technology in a research note on Friday, October 23rd. Finally, Cantor Fitzgerald boosted their price target on shares of Spotify Technology from $490.00 to $550.00 and gave the company a “neutral” rating in a report on Friday, October 23rd. Twenty-three investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $620.07.

Spotify Technology Trading Up 2.2%

NYSE SPOT opened at $611.79 on Friday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $654.68. The company has a fifty day simple moving average of $542.95 and a 200 day simple moving average of $502.95. The company has a market cap of $125.96 billion, a P/E ratio of 40.56, a P/E/G ratio of 1.86 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Thursday, October 22nd. The company reported $2.81 EPS for the quarter, missing the consensus estimate of $3.18 by ($0.37). The firm had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.64 billion. Spotify Technology had a return on equity of 35.64% and a net margin of 15.74%. The business’s revenue was up 16.3% compared to the same quarter last year. During the same quarter last year, the business earned $3.28 EPS. Equities research analysts forecast that Spotify Technology will post 13.60 EPS for the current fiscal year.

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.