Commerzbank Aktiengesellschaft FI Buys New Position in Spotify Technology $SPOT

Key Points

• Commerzbank Aktiengesellschaft FI acquired 5,953 Spotify shares worth approximately $2.73 million in the second quarter. Institutional investors collectively own 84.09% of Spotify’s stock.
• Spotify shares were down 4.2%, opening at $491.05. The company’s latest quarterly results missed analyst expectations, with EPS of $2.98 versus $3.16 expected and revenue of $5.45 billion versus $5.47 billion forecast.
• Analysts maintain a consensus “Moderate Buy” rating with a $609.05 target price, although several firms recently lowered their targets. Insiders have sold approximately $59.1 million in stock over the past 90 days.

Commerzbank Aktiengesellschaft FI bought a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 5,953 shares of the company's stock, valued at approximately $2,733,000.

Several other hedge funds have also recently added to or reduced their stakes in SPOT. Portus Wealth Advisors LLC bought a new stake in shares of Spotify Technology in the 1st quarter valued at $32,000. Kemnay Advisory Services Inc. bought a new position in Spotify Technology during the fourth quarter worth $32,000. Whipplewood Advisors LLC raised its stake 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 buying an additional 55 shares during the last quarter. Palladiem LLC acquired a new position in Spotify Technology in the first quarter valued at $34,000. Finally, Osbon Capital Management LLC acquired a new position in Spotify Technology in the fourth quarter valued at $35,000. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Down 4.2%

Shares of Spotify Technology stock opened at $491.05 on Tuesday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $745.00. The business has a 50 day moving average price of $483.26 and a 200-day moving average price of $484.68. The company has a market cap of $101.10 billion, a PE ratio of 30.58, a price-to-earnings-growth ratio of 1.26 and a beta of 1.58.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $2.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.16 by ($0.18). The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The company's quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.42) EPS. As a group, research analysts anticipate that Spotify Technology will post 14.3 EPS for the current year.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent analyst reports. The Goldman Sachs Group decreased their price target on Spotify Technology from $670.00 to $600.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. Pivotal Research dropped their price objective on Spotify Technology from $420.00 to $400.00 and set a "hold" rating on the stock in a research note on Wednesday, April 29th. KeyCorp decreased their target price on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a research note on Wednesday, April 29th. Wall Street Zen lowered Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, Barclays increased their price target on Spotify Technology from $500.00 to $565.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $609.05.

Insider Activity

In other news, CEO Gustav Soderstrom sold 20,833 shares of the company's stock in a transaction on Monday, July 6th. The shares were sold at an average price of $478.45, for a total value of $9,967,548.85. Following the completion of the sale, the chief executive officer owned 20,259 shares in the company, valued at $9,692,918.55. This represents a 50.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Thomas O. Staggs sold 5,477 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total transaction of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares of the company's stock, valued at approximately $1,903,594. This represents a 60.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 116,878 shares of company stock worth $59,081,110. Company insiders own 0.40% of the company's stock.

About Spotify Technology

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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