Spotify Technology $SPOT Shares Sold by Strs Ohio

Strs Ohio trimmed its holdings in Spotify Technology (NYSE:SPOT) by 18.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 64,826 shares of the company’s stock after selling 15,032 shares during the period. Strs Ohio’s holdings in Spotify Technology were worth $31,435,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp purchased a new stake in shares of Spotify Technology in the 3rd quarter valued at $26,000. JPL Wealth Management LLC purchased a new position in Spotify Technology in the third quarter worth approximately $35,000. Kemnay Advisory Services Inc. acquired a new position in shares of Spotify Technology during the fourth quarter worth $32,000. Newbridge Financial Services Group Inc. acquired a new position in shares of Spotify Technology during the 4th quarter worth about $35,000. Finally, Osbon Capital Management LLC purchased a new position in Spotify Technology in the fourth quarter valued at approximately $35,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on SPOT. Barclays lifted their price target on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Pivotal Research lowered their target price on Spotify Technology from $420.00 to $400.00 and set a “hold” rating on the stock in a research note on Wednesday, April 29th. UBS Group dropped their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a report on Thursday, April 30th. Citizens Jmp upped 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, Benchmark lowered their price objective on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $641.83.

Insiders Place Their Bets

In other news, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares of the company’s stock, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas O. Staggs sold 5,477 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 85,173 shares of company stock worth $42,176,049 over the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Spotify Technology Stock Down 0.2%

NYSE SPOT opened at $485.14 on Friday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30. The business has a fifty day moving average of $470.66 and a 200-day moving average of $498.40. The stock has a market cap of $99.88 billion, a price-to-earnings ratio of 38.66, a price-to-earnings-growth ratio of 1.19 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping 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 company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. During the same quarter in the prior year, the company posted $1.07 EPS. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 14.62 EPS for the current year.

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.