Spotify Technology $SPOT Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its holdings in Spotify Technology (NYSE:SPOT) by 2.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 93,452 shares of the company’s stock after selling 2,322 shares during the period. Teacher Retirement System of Texas’ holdings in Spotify Technology were worth $54,269,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SPOT. Helios Capital Management PTE. Ltd. raised its position in Spotify Technology by 56.3% in the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock valued at $5,235,000 after purchasing an additional 2,700 shares during the period. Bessemer Group Inc. raised its position in Spotify Technology by 35.1% in the third quarter. Bessemer Group Inc. now owns 682,639 shares of the company’s stock valued at $476,483,000 after purchasing an additional 177,310 shares during the period. Truxt Investmentos Ltda. purchased a new stake in Spotify Technology in the third quarter valued at approximately $2,093,000. Ownership Capital B.V. purchased a new stake in Spotify Technology in the third quarter valued at approximately $2,769,000. Finally, Vanguard Group Inc. raised its position in Spotify Technology by 2.5% in the third quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock valued at $702,106,000 after purchasing an additional 24,199 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

NYSE:SPOT opened at $522.82 on Thursday. The firm has a market capitalization of $107.64 billion, a PE ratio of 54.23, a price-to-earnings-growth ratio of 1.15 and a beta of 1.70. The business’s fifty day moving average price is $498.51 and its 200 day moving average price is $554.62. Spotify Technology has a 12 month low of $405.00 and a 12 month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Wednesday, February 11th. The company reported $5.16 EPS for the quarter, beating the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.Spotify Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.88 earnings per share. As a group, equities analysts anticipate that Spotify Technology will post 15.55 EPS for the current year.

Insider Buying and Selling at Spotify Technology

In related news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total value of $9,864,842.16. Following the transaction, the chief executive officer owned 20,609 shares of the company’s stock, valued at $9,758,773.68. This represents a 50.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

SPOT has been the topic of a number of research analyst reports. UBS Group cut their target price on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research report on Friday, January 9th. Daiwa Securities Group started coverage on Spotify Technology in a research report on Thursday, March 26th. They issued an “outperform” rating and a $535.00 target price on the stock. Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price objective on the stock in a research report on Thursday, February 26th. KeyCorp upped their price objective on Spotify Technology from $740.00 to $745.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. Finally, Cantor Fitzgerald cut their price objective on Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $691.21.

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.