Spotify Co-founder Daniel Ek Cashes Out More Spotify Stock, Shifts Focus to Tech and Climate Startups
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 29 2024
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Source: Benzinga
- Daniel Ek Stock Sales: Daniel Ek, co-founder of Spotify, sold 650,000 company shares worth $179 million, a significant increase in sales compared to previous years.
- Spotify's Stock Performance: Spotify's stock has risen by 267% since late 2022, according to Bloomberg reports.
- Trend Among Tech Billionaires: Ek's move aligns with tech billionaires like Michael Dell and Jeff Bezos reducing their stakes after share price increases.
- Ek's Diversified Investments: Apart from Spotify, Ek invests in AI, life sciences, and climate technology, aiming to invest around $1 billion in European startups.
- Spotify Financial Performance: Spotify reported strong fiscal first-quarter 2024 results, with revenue up 20% year-on-year and exceeding analyst expectations.
Analyst Views on SPOT
Wall Street analysts forecast SPOT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for SPOT is 750.79 USD with a low forecast of 525.00 USD and a high forecast of 900.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
21 Analyst Rating
15 Buy
6 Hold
0 Sell
Moderate Buy
Current: 498.640
Low
525.00
Averages
750.79
High
900.00
Current: 498.640
Low
525.00
Averages
750.79
High
900.00
About SPOT
Spotify Technology SA a Luxembourg-based company, which offers digital music-streaming services. The Company enables users to discover new releases, which includes the latest singles and albums; playlists, which includes ready-made playlists put together by music fans and experts, and over millions of songs so that users can play their favorites, discover new tracks and build a personalized collection. Its users can either select Spotify Free, which includes only shuffle play or Spotify Premium, which encompasses a range of features, such as shuffle play, advertisement free, unlimited skips, listen offline, play any track and audio. The Company operates through a number of subsidiaries, including Spotify LTD and is present in over 20 countries. Its service offers a music listening experience without commercial breaks.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
