National Pension Service Purchases 32,696 Shares of Spotify Technology $SPOT

Key Points

• National Pension Service increased its Spotify stake by 5.7% in the second quarter, acquiring 32,696 shares and bringing its holdings to 605,199 shares valued at approximately $277.9 million. Institutional investors collectively own 84.09% of the company.
• Spotify reported quarterly revenue of $5.45 billion, up 13.9% year over year, but earnings per share of $3.03 missed analysts’ $3.16 estimate. Shares opened at $523.99, with a market capitalization of about $107.9 billion.
• Analysts maintain a generally positive view, with Spotify receiving a “Moderate Buy” consensus rating and an average price target of $609.05, while insiders sold $25.9 million worth of shares over the past three months primarily to cover tax obligations.

National Pension Service lifted its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 5.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 605,199 shares of the company's stock after acquiring an additional 32,696 shares during the quarter. National Pension Service owned approximately 0.29% of Spotify Technology worth $277,865,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. JPL Wealth Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at $35,000. Kemnay Advisory Services Inc. bought a new stake in shares of Spotify Technology during the fourth quarter worth $32,000. Pin Oak Investment Advisors Inc. bought a new stake in shares of Spotify Technology during the second quarter worth $27,000. Osbon Capital Management LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at $35,000. Finally, Wilmington Savings Fund Society FSB increased its stake in shares of Spotify Technology by 85.7% in the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company's stock valued at $38,000 after buying an additional 30 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Söderström sold 20,833 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $507.24, for a total value of $10,567,330.92. Following the transaction, the chief executive officer directly owned 20,142 shares of the company's stock, valued at approximately $10,216,828.08. This trade represents a 50.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norström sold 5,436 shares of Spotify Technology stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the sale, the chief executive officer directly owned 66,773 shares of the company's stock, valued at $33,526,723.30. This represents a 7.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 52,538 shares of company stock valued at $25,878,250. 0.40% of the stock is currently owned by insiders.

Spotify Technology Stock Down 0.9%

Shares of SPOT stock opened at $523.99 on Thursday. The firm has a market cap of $107.88 billion, a price-to-earnings ratio of 32.63, a PEG ratio of 1.56 and a beta of 1.59. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $745.00. The stock has a 50-day moving average price of $507.26 and a 200 day moving average price of $493.41.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.16 by ($0.13). The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.47 billion. Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The business's revenue for the quarter was up 13.9% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.42) earnings per share. Sell-side analysts predict that Spotify Technology will post 14.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on SPOT. Guggenheim reaffirmed a "buy" rating and issued a $565.00 price target on shares of Spotify Technology in a report on Wednesday, August 5th. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Benchmark lowered their price objective on shares of Spotify Technology from $695.00 to $650.00 and set a "buy" rating for the company in a research report on Wednesday, July 22nd. Wall Street Zen downgraded shares of Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Finally, UBS Group decreased their price target on shares of Spotify Technology from $735.00 to $690.00 and set a "buy" rating on the stock in a research note on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and an average target price of $609.05.

Spotify Technology Profile

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.

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