Key Points
- Spotify CEO Gustav Soderstrom sold 20,833 shares on June 2 at an average price of $496.52, generating about $10.34 million in proceeds. The sale cut his direct holdings by more than 50%.
- The company recently beat earnings expectations, reporting $4.04 EPS versus the $3.41 consensus estimate and revenue of $5.25 billion, up 8.2% year over year. Spotify also posted a 15.56% net margin and 35.73% return on equity.
- Analysts remain mostly bullish on SPOT despite some target cuts, with a consensus rating of “Moderate Buy” and an average price target of $655.92. Institutional investors also continue to hold a large stake, owning about 84.09% of the stock.
Spotify Technology (NYSE:SPOT - Get Free Report) CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the transaction, the chief executive officer directly owned 20,376 shares in the company, valued at approximately $10,117,091.52. This represents a 50.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Gustav Soderstrom also recently made the following trade(s):
- On Tuesday, May 5th, Gustav Soderstrom sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $430.72, for a total transaction of $8,973,189.76.
- On Wednesday, April 1st, Gustav Soderstrom sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $473.52, for a total transaction of $9,864,842.16.
Spotify Technology Stock Performance
SPOT stock opened at $488.24 on Thursday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The firm's fifty day moving average is $480.38 and its 200 day moving average is $516.21. The firm has a market cap of $100.52 billion, a P/E ratio of 38.90, a P/E/G ratio of 1.22 and a beta of 1.56.
Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter last year, the firm earned $1.07 EPS. The firm's quarterly revenue was up 8.2% compared to the same quarter last year. As a group, analysts forecast that Spotify Technology will post 14.72 EPS for the current year.
Analyst Ratings Changes
A number of brokerages recently issued reports on SPOT. UBS Group lowered their price target on shares of Spotify Technology from $760.00 to $735.00 and set a "buy" rating for the company in a research report on Thursday, April 30th. Canaccord Genuity Group reduced their price objective on shares of Spotify Technology from $750.00 to $720.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Benchmark reduced their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a "buy" rating for the company in a research note on Wednesday, April 29th. Wells Fargo & Company lifted their price target on shares of Spotify Technology from $580.00 to $600.00 and gave the stock an "overweight" rating in a research note on Friday, May 22nd. Finally, Daiwa Securities Group started coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They issued an "outperform" rating and a $535.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $655.92.
Check Out Our Latest Research Report on SPOT
Institutional Investors Weigh In On Spotify Technology
Several large investors have recently bought and sold shares of SPOT. Bessemer Group Inc. increased its position in Spotify Technology by 35.1% during the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company's stock valued at $476,483,000 after acquiring an additional 177,310 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Spotify Technology by 12.9% in the fourth quarter. Principal Financial Group Inc. now owns 645,196 shares of the company's stock worth $374,672,000 after purchasing an additional 73,722 shares during the last quarter. Truxt Investmentos Ltda. bought a new position in shares of Spotify Technology in the third quarter worth about $2,093,000. Vanguard Group Inc. grew its holdings in shares of Spotify Technology by 2.5% in the third quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company's stock worth $702,106,000 after purchasing an additional 24,199 shares during the last quarter. Finally, City Holding Co. grew its holdings in shares of Spotify Technology by 2,515.9% in the fourth quarter. City Holding Co. now owns 5,598 shares of the company's stock worth $3,251,000 after purchasing an additional 5,384 shares during the last quarter. Institutional investors own 84.09% of the company's stock.
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.
Further Reading
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