Spotify Technology $SPOT Position Lifted by GoalVest Advisory LLC

Key Points

• GoalVest Advisory significantly increased its Spotify position by 17,309.4% in the third quarter, ending with 22,110 shares valued at approximately $10.8 million. Institutional investors and hedge funds collectively own 84.09% of SPOT.
• Wall Street maintains a generally positive outlook, with an average “Moderate Buy” rating and a consensus price target of $593.50, despite KeyCorp lowering its target to $660.
• Spotify shares recently traded at $473.57, while the company’s latest quarterly results fell slightly short of expectations: adjusted earnings were $3.03 per share versus $3.16 expected, and revenue reached $5.45 billion, up 13.9% year over year.

GoalVest Advisory LLC boosted its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 17,309.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,110 shares of the company's stock after purchasing an additional 21,983 shares during the period. Spotify Technology makes up 0.6% of GoalVest Advisory LLC's holdings, making the stock its 24th biggest holding. GoalVest Advisory LLC's holdings in Spotify Technology were worth $10,776,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SPOT. Pin Oak Investment Advisors Inc. purchased a new position in Spotify Technology during the second quarter worth about $27,000. Portus Wealth Advisors LLC purchased a new stake in shares of Spotify Technology in the 1st quarter valued at approximately $32,000. Whipplewood Advisors LLC lifted its holdings in shares of Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company's stock worth $33,000 after acquiring an additional 55 shares during the last quarter. Palladiem LLC acquired a new position in shares of Spotify Technology in the 1st quarter worth approximately $34,000. Finally, Osbon Capital Management LLC purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $35,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Alex Norström sold 5,436 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $502.10, for a total value of $2,729,415.60. Following the completion of the transaction, the chief executive officer owned 66,773 shares in the company, valued at $33,526,723.30. This trade represents a 7.53% decrease in their position. The sale was disclosed in a document filed 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, CEO Gustav Söderström sold 20,913 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $544.19, for a total transaction of $11,380,645.47. Following the completion of the sale, the chief executive officer owned 20,025 shares of the company's stock, valued at $10,897,404.75. This trade represents a 51.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 73,451 shares of company stock worth $37,258,896. Corporate insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of research reports. KeyCorp dropped their price objective on Spotify Technology from $680.00 to $660.00 and set an "overweight" rating for the company in a research note on Thursday. Weiss Ratings upgraded Spotify Technology from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, August 26th. Wall Street Zen cut Spotify Technology from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Argus restated a "buy" rating and set a $600.00 price target on shares of Spotify Technology in a report on Thursday, August 13th. Finally, Guggenheim reaffirmed a "buy" rating and issued a $565.00 price target on shares of Spotify Technology in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $593.50.

Spotify Technology Price Performance

Shares of SPOT traded down $17.83 during mid-day trading on Friday, reaching $473.57. 788,929 shares of the company's stock were exchanged, compared to its average volume of 2,231,139. The business's fifty day simple moving average is $518.08 and its 200-day simple moving average is $493.94. The stock has a market capitalization of $97.50 billion, a PE ratio of 29.50, a price-to-earnings-growth ratio of 1.49 and a beta of 1.61. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $708.55.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 earnings per share for the quarter, missing analysts' consensus estimates of $3.16 by ($0.13). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The company had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.47 billion. During the same period in the previous year, the business posted ($0.42) earnings per share. The firm's revenue was up 13.9% compared to the same quarter last year. Equities research analysts predict that Spotify Technology will post 13.85 earnings per share for the current year.

Spotify Technology Company Profile

Spotify Technology SA is a global audio streaming company that operates the Spotify platform. The service provides users with access to a broad catalog of music, podcasts and audiobooks, along with personalized recommendations, playlists and other discovery features.

Spotify offers a subscription-based Premium service with enhanced listening features, as well as an ad-supported service available at no direct cost to users. The company generates revenue primarily through Premium subscriptions and advertising, including audio, video and display advertising delivered across its platform.

Founded in 2006 by Daniel Ek and Martin Lorentzon, Spotify is headquartered in Stockholm, Sweden, and serves listeners, creators, advertisers and other partners across markets worldwide.

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