Key Points
- Spotify CEO Gustav Söderström sold 20,913 shares at an average price of $544.19, generating $11.38 million. The sale covered tax-withholding obligations tied to vested equity awards and reduced his stake by 51.08% to 20,025 shares.
- Spotify reported quarterly revenue of $5.45 billion, up 13.9% year over year, but its $3.03 adjusted EPS fell short of analysts’ $3.16 estimate.
- Analysts maintain a generally positive view, with a “Moderate Buy” consensus and an average price target of $594.50; institutional investors own 84.09% of the company.
Spotify Technology (NYSE:SPOT - Get Free Report) CEO Gustav Söderström sold 20,913 shares of the business's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $544.19, for a total transaction of $11,380,645.47. Following the completion of the transaction, the chief executive officer owned 20,025 shares in the company, valued at $10,897,404.75. This represents a 51.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Gustav Soderstrom also recently made the following trade(s):
- On Monday, August 3rd, Gustav Söderström sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $507.24, for a total value of $10,567,330.92.
- On Monday, July 6th, Gustav Söderström sold 20,833 shares of Spotify Technology stock. The shares were sold at an average price of $478.45, for a total value of $9,967,548.85.
Spotify Technology Stock Performance
Shares of NYSE SPOT opened at $546.88 on Thursday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $745.00. The stock's 50-day simple moving average is $512.83 and its 200-day simple moving average is $495.71. The firm has a market cap of $112.59 billion, a price-to-earnings ratio of 34.05, a PEG ratio of 1.64 and a beta of 1.59.
Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing analysts' consensus estimates of $3.16 by ($0.13). The business had revenue of $5.45 billion during the quarter, compared to analysts' expectations of $5.47 billion. Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The company's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.42) EPS. As a group, research analysts predict that Spotify Technology will post 14.29 EPS for the current year.
Institutional Trading of Spotify Technology
Several institutional investors have recently added to or reduced their stakes in the business. Capital World Investors lifted its position in shares of Spotify Technology by 4.9% in the 4th quarter. Capital World Investors now owns 2,863,821 shares of the company's stock worth $1,663,024,000 after buying an additional 133,108 shares during the last quarter. Fisher Asset Management LLC raised its stake in Spotify Technology by 2.4% during the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company's stock worth $1,547,890,000 after acquiring an additional 62,887 shares during the period. Geode Capital Management LLC raised its stake in Spotify Technology by 5.7% during the fourth quarter. Geode Capital Management LLC now owns 1,720,259 shares of the company's stock worth $991,223,000 after acquiring an additional 93,274 shares during the period. Janus Henderson Group PLC raised its stake in Spotify Technology by 20.1% during the first quarter. Janus Henderson Group PLC now owns 1,711,015 shares of the company's stock worth $829,641,000 after acquiring an additional 286,844 shares during the period. Finally, Tiger Global Management LLC lifted its holdings in Spotify Technology by 25.3% in the first quarter. Tiger Global Management LLC now owns 1,580,761 shares of the company's stock worth $766,527,000 after acquiring an additional 319,300 shares during the last quarter. Institutional investors own 84.09% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms have recently commented on SPOT. JPMorgan Chase & Co. increased their target price on Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Guggenheim restated a "buy" rating and issued a $565.00 price target on shares of Spotify Technology in a research note on Wednesday, August 5th. UBS Group cut their price target on shares of Spotify Technology from $735.00 to $690.00 and set a "buy" rating on the stock in a report on Friday, July 10th. Benchmark reduced their price objective on shares of Spotify Technology from $695.00 to $650.00 and set a "buy" rating on the stock in a research note on Wednesday, July 22nd. Finally, Rosenblatt Securities decreased their price objective on shares of Spotify Technology from $531.00 to $527.00 and set a "neutral" rating for the company in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology has an average rating of "Moderate Buy" and an average price target of $594.50.
Check Out Our Latest Stock Analysis on Spotify Technology
Spotify Technology Company Profile
(
Get Free Report)
Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.
Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.
Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.
Further Reading
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