Bank of Nova Scotia Makes New Investment in Spotify Technology $SPOT

Bank of Nova Scotia purchased a new stake in Spotify Technology (NYSE:SPOT) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 49,120 shares of the company’s stock, valued at approximately $23,819,000.

Several other large investors also recently made changes to their positions in SPOT. Portus Wealth Advisors LLC bought a new stake in Spotify Technology during the first quarter worth approximately $32,000. Kemnay Advisory Services Inc. bought a new position in shares of Spotify Technology in the fourth quarter valued at $32,000. Whipplewood Advisors LLC increased its holdings in shares of Spotify Technology by 423.1% in the first 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. Palladiem LLC bought a new position in shares of Spotify Technology in the first quarter valued at $34,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of Spotify Technology during the 4th quarter valued at $35,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology News Roundup

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

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Spotify Technology Stock Performance

Shares of SPOT opened at $483.27 on Friday. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30. The company has a market capitalization of $99.49 billion, a PE ratio of 38.51, a PEG ratio of 1.19 and a beta of 1.56. The company’s 50 day moving average price is $481.62 and its 200 day moving average price is $488.36.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data 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. 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 during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the firm earned $1.07 earnings per share. The business’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, equities analysts forecast that Spotify Technology will post 14.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

SPOT has been the subject of several research reports. Morgan Stanley raised their price objective on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Pivotal Research reduced their target price on Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Barclays increased their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Citizens Jmp lifted their price target on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Finally, Rosenblatt Securities cut their price objective on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $630.70.

Insiders Place Their Bets

In other news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $478.45, for a total value of $9,967,548.85. Following the sale, the chief executive officer directly owned 20,259 shares of the company’s stock, valued at approximately $9,692,918.55. This trade represents a 50.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $480.86, for a total value 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 $32,497,480.52. This trade represents a 7.44% 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 have sold 111,442 shares of company stock worth $54,757,553 in the last 90 days. 0.40% of the stock is owned by corporate insiders.

Spotify Technology Company 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.