Thomas Staggs Sells 5,477 Shares of Spotify Technology (NYSE:SPOT) Stock

Key Points

• Director Thomas Staggs sold 5,477 Spotify shares on May 26 at an average price of $526.00, totaling about $2.88 million. After the sale, he retained 3,619 shares, cutting his position by 60.21%.
• Spotify reported stronger-than-expected quarterly results with EPS of $4.04 versus estimates of $3.41 and revenue of $5.25 billion, slightly above expectations. Revenue rose 8.2% year over year, and the company posted a 35.73% return on equity.
• Wall Street remains broadly positive on Spotify, with several firms recently raising price targets and the stock carrying a consensus “Moderate Buy” rating. The average analyst target now stands at $655.92.

Spotify Technology (NYSE:SPOT - Get Free Report) Director Thomas Staggs sold 5,477 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the transaction, the director directly owned 3,619 shares in the company, valued at $1,903,594. This trade represents a 60.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded down $17.17 during trading on Wednesday, hitting $512.54. The company had a trading volume of 1,862,581 shares, compared to its average volume of 2,675,334. The stock has a 50 day simple moving average of $480.28 and a 200 day simple moving average of $521.61. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00. The firm has a market capitalization of $105.52 billion, a P/E ratio of 40.84, a price-to-earnings-growth ratio of 1.26 and a beta of 1.55.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter last year, the company earned $1.07 earnings per share. The business's revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, analysts predict that Spotify Technology will post 14.86 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on SPOT. Morgan Stanley lifted their target price on Spotify Technology from $590.00 to $610.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Citizens Jmp lifted their target price on Spotify Technology from $600.00 to $625.00 and gave the company a "market outperform" rating in a research note on Friday, May 22nd. Benchmark decreased their target price on Spotify Technology from $760.00 to $695.00 and set a "buy" rating on the stock in a research note on Wednesday, April 29th. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a research note on Friday, May 22nd. Finally, Citigroup raised Spotify Technology from a "neutral" rating to a "buy" rating and set a $650.00 target price on the stock in a research note on Friday, January 30th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus target price of $655.92.

Trending Headlines about Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Spotify is expanding its audio ecosystem by adding narrated magazine and long-form article playback for Premium users, giving subscribers more reasons to stay engaged in the app and potentially boosting retention. Spotify adds audio magazine articles for Premium users, long reads now play like podcasts
• Positive Sentiment: The company also launched new AI music-creation/remix initiatives with Universal Music Group and has been highlighting AI-generated music as part of its long-term strategy, which could improve monetization and keep Spotify central to the next wave of music creation. Spotify and UMG launch AI music creation feature with artist revenue sharing
• Positive Sentiment: Spotify is continuing to add shareable podcast tools, including “Podcast clips,” which may help creators drive more discovery and engagement on the platform. Spotify now lets you ‘clip' moments from your favorite podcast
• Positive Sentiment: Recent commentary around Spotify’s 2030 targets and monetization plan has reinforced the bull case that the company can grow users and margins over time. Spotify Sets 2030 Growth Targets, Shares Rally
• Neutral Sentiment: Analysts remain mixed on valuation, with Cantor Fitzgerald lifting its price target but keeping a neutral rating, suggesting the market sees upside but not a clear-cut bargain at current levels. Spotify Technology had its price target raised by Cantor Fitzgerald
• Negative Sentiment: Investor attention is also being drawn to a fraud investigation from a shareholder rights firm, which can create headline risk even before any findings are reached. SPOT Investors Have Opportunity to Join Spotify Technology S.A. Fraud Investigation with the Schall Law Firm

Institutional Trading of Spotify Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPOT. KERR FINANCIAL PLANNING Corp bought a new stake in Spotify Technology during the 3rd quarter valued at approximately $26,000. Greykasell Wealth Strategies Inc. grew its holdings in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock valued at $27,000 after buying an additional 38 shares in the last quarter. Portus Wealth Advisors LLC purchased a new position in Spotify Technology during the 1st quarter valued at approximately $32,000. Kemnay Advisory Services Inc. purchased a new position in Spotify Technology during the 4th quarter valued at approximately $32,000. Finally, Whipplewood Advisors LLC grew its holdings in Spotify Technology by 423.1% during the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company's stock valued at $33,000 after buying an additional 55 shares in the last quarter. Institutional investors own 84.09% 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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