Illinois Municipal Retirement Fund Has $19.97 Million Stock Holdings in Spotify Technology $SPOT

Illinois Municipal Retirement Fund trimmed its holdings in shares of Spotify Technology (NYSE:SPOT) by 13.2% in the first quarter, Holdings Channel.com reports. The fund owned 41,187 shares of the company’s stock after selling 6,254 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Spotify Technology were worth $19,972,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Journey Advisory Group LLC raised its position in Spotify Technology by 51.8% in the first quarter. Journey Advisory Group LLC now owns 2,552 shares of the company’s stock worth $1,237,000 after purchasing an additional 871 shares in the last quarter. Calamos Wealth Management LLC acquired a new stake in Spotify Technology during the first quarter valued at approximately $7,545,000. State of Michigan Retirement System acquired a new stake in Spotify Technology during the first quarter valued at approximately $27,170,000. Principal Financial Group Inc. grew its stake in shares of Spotify Technology by 53.4% in the 1st quarter. Principal Financial Group Inc. now owns 989,667 shares of the company’s stock valued at $479,899,000 after purchasing an additional 344,471 shares during the period. Finally, Chicago Partners Investment Group LLC grew its stake in shares of Spotify Technology by 42.5% in the 1st quarter. Chicago Partners Investment Group LLC now owns 573 shares of the company’s stock valued at $300,000 after purchasing an additional 171 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Spotify Technology stock opened at $485.67 on Thursday. The firm has a market cap of $99.99 billion, a P/E ratio of 38.70, a P/E/G ratio of 1.18 and a beta of 1.56. The business’s fifty day moving average is $474.20 and its two-hundred day moving average is $492.59. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $748.30.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share 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 company had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. During the same period last year, the company posted $1.07 earnings per share. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology will post 14.62 earnings per share for the current year.

Key Stories Impacting Spotify Technology

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

• Positive Sentiment: Spotify launched a ChatGPT-like music assistant that lets Premium users talk to the app, request songs or audio, and ask questions about their listening history. That could boost user engagement and strengthen Spotify’s product moat. Spotify expands its AI push with a ChatGPT-like music assistant
• Positive Sentiment: Jefferies reiterated a Buy rating and $600 price target, saying it remains constructive on Spotify’s long-term outlook and sees potential catalysts from a Warner Music Group remixing agreement and future AI remixing features. Spotify seen delivering steady Q2 results as investors await AI remixing updates
• Positive Sentiment: Spotify expanded parent-managed accounts to users on its free tier in several countries, including the U.S. and U.K. That broadens a family feature beyond paid subscribers and could help improve retention and drive future conversion. Spotify expands parent-managed accounts to users on its free tier
• Neutral Sentiment: Coverage ahead of earnings suggests Spotify’s second-quarter results may be steady rather than a major surprise, so the upcoming report may not be a near-term stock-moving event on its own. Spotify seen delivering steady Q2 results as investors await AI remixing updates
• Neutral Sentiment: Several articles simply recapped Spotify’s shift toward a more creator-friendly platform and the new conversational AI feature, reinforcing the same product narrative rather than adding a new catalyst. Spotify on its shift from exclusive podcasts to building a creator-friendly platform

Insider Activity

In other Spotify Technology news, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction dated 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 sale, the director owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This represents a 39.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $478.45, for a total transaction of $9,967,548.85. Following the completion of the sale, the chief executive officer owned 20,259 shares of the company’s stock, valued at $9,692,918.55. The trade was a 50.70% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 111,442 shares of company stock worth $54,757,553. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on SPOT. JPMorgan Chase & Co. raised their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. The Goldman Sachs Group lowered their price target on Spotify Technology from $670.00 to $600.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a research note on Sunday. Barclays lifted their price objective on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Finally, Morgan Stanley boosted their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $638.58.

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.