Spotify Technology (NYSE:SPOT - Get Free Report) CEO Alex Norstrom sold 5,436 shares of the business's stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the sale, the chief executive officer directly owned 67,582 shares of the company's stock, valued at approximately $32,497,480.52. This represents a 7.44% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Spotify Technology Stock Down 1.7%
SPOT opened at $485.78 on Thursday. The firm has a market cap of $100.01 billion, a price-to-earnings ratio of 38.71, a price-to-earnings-growth ratio of 1.21 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30. The company's 50-day moving average price is $469.36 and its 200 day moving average price is $496.11.
Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts' consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion during the quarter, compared to the consensus estimate of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology's quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.07 earnings per share. Research analysts anticipate that Spotify Technology will post 14.62 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the company. Wall Street Zen downgraded Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, June 13th. Citizens Jmp boosted their price target on shares of Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a report on Friday, May 22nd. 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. KeyCorp dropped their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an "overweight" rating on the stock in a report on Wednesday, April 29th. Finally, Morgan Stanley lifted their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and a consensus target price of $641.83.
Read Our Latest Stock Analysis on Spotify Technology
Key Spotify Technology News
Here are the key news stories impacting Spotify Technology this week:
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company's stock worth $2,736,450,000 after purchasing an additional 89,951 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Spotify Technology by 4.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company's stock valued at $2,247,042,000 after purchasing an additional 149,479 shares in the last quarter. Capital World Investors lifted its holdings in Spotify Technology by 4.9% in the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company's stock worth $1,663,024,000 after purchasing an additional 133,108 shares during the period. Fisher Asset Management LLC lifted its holdings in Spotify Technology by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company's stock worth $1,547,890,000 after purchasing an additional 62,887 shares during the period. Finally, Coatue Management LLC grew its position in Spotify Technology by 35.9% in the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company's stock valued at $1,423,251,000 after buying an additional 647,708 shares in the last quarter. Institutional investors and hedge funds 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.
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