Commerzbank Aktiengesellschaft FI Buys 5,483 Shares of Spotify Technology $SPOT

Key Points

• Commerzbank Aktiengesellschaft FI increased its Spotify stake by 1,083.6% in the first quarter, ending with 5,989 shares valued at about $2.9 million.
• Spotify reported strong quarterly results, with earnings of $4.04 per share beating estimates and revenue of $5.25 billion slightly ahead of expectations.
• Analyst sentiment remains positive, with a consensus rating of Moderate Buy and an average price target of $638.58, despite some firms trimming targets.

Commerzbank Aktiengesellschaft FI boosted its stake in Spotify Technology (NYSE:SPOT - Free Report) by 1,083.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,989 shares of the company's stock after purchasing an additional 5,483 shares during the period. Commerzbank Aktiengesellschaft FI's holdings in Spotify Technology were worth $2,904,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sivia Capital Partners LLC bought a new position in shares of Spotify Technology in the second quarter worth approximately $312,000. Jump Financial LLC raised its holdings in Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company's stock valued at $869,000 after buying an additional 56 shares during the last quarter. Cary Street Partners Financial LLC bought a new stake in Spotify Technology during the 2nd quarter valued at $178,000. NewEdge Advisors LLC boosted its position in Spotify Technology by 36.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company's stock valued at $9,707,000 after buying an additional 3,412 shares during the period. Finally, Glenview Trust co purchased a new stake in Spotify Technology during the 2nd quarter valued at $298,000. Institutional investors own 84.09% of the company's stock.

Insider Buying and Selling at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the sale, the chief executive officer directly owned 20,492 shares of the company's stock, valued at $8,826,314.24. This represents a 50.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director 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 SEC filing for this sale provides additional information. In the last three months, insiders have sold 111,442 shares of company stock valued at $54,757,553. Company insiders own 0.40% of the company's stock.

Spotify Technology Stock Up 0.2%

SPOT opened at $493.37 on Wednesday. The stock has a market cap of $101.57 billion, a PE ratio of 39.31, a PEG ratio of 1.22 and a beta of 1.56. The business has a 50 day moving average of $479.05 and a 200-day moving average of $489.88. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm's revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 earnings per share. Equities analysts anticipate that Spotify Technology will post 14.51 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on SPOT. The Goldman Sachs Group cut their price target on shares of Spotify Technology from $670.00 to $600.00 and set a "buy" rating on the stock in a report on Wednesday, April 29th. Canaccord Genuity Group lowered 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. Barclays increased their target price on shares of Spotify Technology from $500.00 to $565.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Wall Street Zen raised Spotify Technology from a "hold" rating to a "buy" rating in a research note on Sunday, July 12th. Finally, Wells Fargo & Company reduced their price target on Spotify Technology from $600.00 to $570.00 and set an "overweight" rating on the stock in a report on Thursday, July 9th. 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. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $638.58.

Spotify Technology Company Profile

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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