Spotify Technology $SPOT Shares Bought by Coronation Fund Managers Ltd.

Key Points

• Coronation Fund Managers Ltd. increased its Spotify stake by 38.2% in Q1, buying 27,568 more shares to bring its total to 99,710 shares worth about $48.35 million.
• Spotify insiders sold shares in July, including CEO Alex Norstrom and CEO Gustav Soderstrom, with the company saying the sales were to cover tax withholding from vesting equity awards.
• Spotify recently reported strong quarterly results, posting EPS of $4.04 versus $3.41 expected and revenue of $5.25 billion, while analysts still rate the stock a “Moderate Buy” with a consensus target price of $630.70.

Coronation Fund Managers Ltd. boosted its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 38.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 99,710 shares of the company's stock after buying an additional 27,568 shares during the quarter. Spotify Technology accounts for about 2.2% of Coronation Fund Managers Ltd.'s portfolio, making the stock its 14th largest holding. Coronation Fund Managers Ltd.'s holdings in Spotify Technology were worth $48,350,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. JPL Wealth Management LLC purchased a new position in shares of Spotify Technology during the 3rd quarter valued at about $35,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Spotify Technology in the fourth quarter worth about $32,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Spotify Technology in the fourth quarter worth about $35,000. Osbon Capital Management LLC acquired a new stake in Spotify Technology during the fourth quarter worth about $35,000. Finally, Wilmington Savings Fund Society FSB grew its holdings in Spotify Technology by 85.7% during the fourth quarter. Wilmington Savings Fund Society FSB now owns 65 shares of the company's stock worth $38,000 after acquiring an additional 30 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the business's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the completion of the sale, the chief executive officer directly owned 67,582 shares in the company, valued at approximately $32,497,480.52. The trade was a 7.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer owned 20,259 shares in the company, valued at approximately $9,692,918.55. This trade represents a 50.70% 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. Insiders sold a total of 111,442 shares of company stock worth $54,757,553 in the last quarter. 0.40% of the stock is owned by insiders.

Spotify Technology Price Performance

Shares of SPOT stock opened at $474.72 on Thursday. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $748.30. The company has a market cap of $97.74 billion, a price-to-earnings ratio of 37.83, a PEG ratio of 1.22 and a beta of 1.56. The stock has a 50 day simple moving average of $479.93 and a 200-day simple moving average of $489.13.

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

Wall Street Analyst Weigh In

SPOT has been the subject of several recent research reports. Guggenheim cut their target price on shares of Spotify Technology from $600.00 to $565.00 and set a "buy" rating for the company in a report on Wednesday, April 29th. KeyCorp dropped their price target on shares of Spotify Technology from $745.00 to $680.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 29th. Wells Fargo & Company cut their price objective on shares of Spotify Technology from $600.00 to $570.00 and set an "overweight" rating for the company in a report on Thursday, July 9th. JPMorgan Chase & Co. upped their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Finally, Daiwa Securities Group started coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They set an "outperform" rating and a $535.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus target price of $630.70.

Spotify Technology 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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