Spotify Technology $SPOT Shares Acquired by GoalVest Advisory LLC

GoalVest Advisory LLC increased its holdings in Spotify Technology (NYSE:SPOT) by 17,309.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,110 shares of the company’s stock after buying an additional 21,983 shares during the period. Spotify Technology comprises about 0.6% of GoalVest Advisory LLC’s holdings, making the stock its 24th largest position. GoalVest Advisory LLC’s holdings in Spotify Technology were worth $10,776,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Pin Oak Investment Advisors Inc. acquired a new stake in shares of Spotify Technology in the second quarter valued at approximately $27,000. Osbon Capital Management LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth approximately $35,000. Portus Wealth Advisors LLC purchased a new stake in Spotify Technology in the 1st quarter valued at approximately $32,000. Whipplewood Advisors LLC lifted its stake in Spotify Technology by 423.1% in 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. Finally, Palladiem LLC acquired a new stake in Spotify Technology during the 1st quarter valued at $34,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Spotify Technology

In other Spotify Technology news, CEO Gustav Söderström sold 20,913 shares of the stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 shares were sold at an average price of $502.10, for a total transaction of $2,729,415.60. Following the completion of the transaction, the chief executive officer owned 66,773 shares in the company, valued at approximately $33,526,723.30. This trade 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. Insiders sold 73,451 shares of company stock worth $37,258,896 over the last three months. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock traded down $17.83 during trading on Friday, hitting $473.57. The company’s stock had a trading volume of 788,929 shares, compared to its average volume of 2,231,139. The stock’s fifty day moving average is $518.08 and its 200 day moving average is $493.94. Spotify Technology has a 1-year low of $405.00 and a 1-year high of $708.55. The stock has a market capitalization of $97.50 billion, a price-to-earnings ratio of 29.50, a P/E/G ratio of 1.49 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing the consensus estimate of $3.16 by ($0.13). Spotify Technology had a net margin of 18.44% and a return on equity of 41.39%. The business had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.47 billion. During the same quarter last year, the firm earned ($0.42) EPS. The firm’s quarterly revenue was up 13.9% compared to the same quarter last year. On average, research analysts anticipate that Spotify Technology will post 13.85 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SPOT. Argus restated a “buy” rating and issued a $600.00 price objective on shares of Spotify Technology in a research report on Thursday, August 13th. Weiss Ratings upgraded Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 26th. Cantor Fitzgerald upped their target price on shares of Spotify Technology from $510.00 to $530.00 and gave the company a “neutral” rating in a report on Wednesday, August 5th. Rosenblatt Securities reduced their target price on shares of Spotify Technology from $531.00 to $527.00 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. Finally, Wells Fargo & Company lowered their price target 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. 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. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $593.50.

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.