Key Points
- Spotify director Christopher Marshall sold 2,650 shares on May 26 at an average price of $519.86, totaling about $1.38 million. After the sale, he still held 4,039 shares, a 39.62% reduction in his stake.
- Spotify shares were up about 0.5% and opened at $515.55, with the company valued at roughly $106.14 billion. The stock has traded between $405 and $785 over the past year.
- Recent earnings beat expectations, with Spotify reporting $4.04 EPS versus the $3.41 consensus and revenue of $5.25 billion, up 8.2% year over year. Analysts remain generally positive, with a consensus rating of “Moderate Buy” and a price target of $655.92.
Spotify Technology (NYSE:SPOT - Get Free Report) Director Christopher Marshall sold 2,650 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the transaction, the director directly owned 4,039 shares of the company's stock, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Spotify Technology Trading Up 0.5%
SPOT opened at $515.55 on Friday. The firm has a market cap of $106.14 billion, a price-to-earnings ratio of 41.08, a PEG ratio of 1.25 and a beta of 1.55. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The stock has a fifty day moving average price of $479.86 and a 200-day moving average price of $520.14.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business's revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.07 EPS. On average, equities research analysts forecast that Spotify Technology will post 14.72 EPS for the current year.
Wall Street Analyst Weigh In
Several research analysts recently commented on the stock. Cantor Fitzgerald boosted their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a research note on Tuesday. Wall Street Zen lowered shares of Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, May 9th. Arete Research upgraded shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price target on the stock in a research note on Thursday, February 26th. Canaccord Genuity Group decreased their price target on shares of Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Finally, Pivotal Research cut their price objective on Spotify Technology from $420.00 to $400.00 and set a "hold" rating on the stock in a report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $655.92.
Read Our Latest Research Report on SPOT
Institutional Trading of Spotify Technology
Hedge funds and other institutional investors have recently made changes to their positions in the business. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Spotify Technology in the third quarter worth $26,000. Greykasell Wealth Strategies Inc. grew its holdings in Spotify Technology by 3,800.0% during the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock worth $27,000 after acquiring an additional 38 shares during the period. Portus Wealth Advisors LLC acquired a new stake in Spotify Technology during the first quarter worth about $32,000. Kemnay Advisory Services Inc. acquired a new stake in Spotify Technology during the fourth quarter worth about $32,000. Finally, Whipplewood Advisors LLC grew its holdings in Spotify Technology by 423.1% during the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company's stock worth $33,000 after acquiring an additional 55 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.
Key Stories Impacting Spotify Technology
Here are the key news stories impacting Spotify Technology this week:
About Spotify Technology
(
Get Free Report)
Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.
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