Spotify Technology $SPOT Shares Acquired by New York State Teachers Retirement System

New York State Teachers Retirement System boosted its holdings in Spotify Technology (NYSE:SPOT) by 2,074.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,174 shares of the company’s stock after purchasing an additional 2,074 shares during the quarter. New York State Teachers Retirement System’s holdings in Spotify Technology were worth $1,054,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Quadcap Wealth Management LLC grew its holdings in Spotify Technology by 5.7% in the 3rd quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock valued at $206,000 after buying an additional 16 shares during the period. Sagespring Wealth Partners LLC boosted its position in shares of Spotify Technology by 2.9% in the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock worth $370,000 after acquiring an additional 18 shares during the last quarter. Objectivity Squared LLC boosted its position in shares of Spotify Technology by 0.8% in the fourth quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock worth $1,499,000 after acquiring an additional 20 shares during the last quarter. GAMMA Investing LLC grew its holdings in Spotify Technology by 1.4% in the fourth quarter. GAMMA Investing LLC now owns 1,667 shares of the company’s stock valued at $968,000 after purchasing an additional 23 shares during the period. Finally, Greenleaf Trust grew its holdings in Spotify Technology by 5.8% in the fourth quarter. Greenleaf Trust now owns 455 shares of the company’s stock valued at $264,000 after purchasing an additional 25 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on SPOT. UBS Group decreased their price target on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a report on Friday. Daiwa Securities Group assumed 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. Barclays lifted their target price on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Morgan Stanley boosted their price target on Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Wall Street Zen upgraded Spotify Technology from a “hold” rating to a “buy” rating in a research note on Sunday. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $638.58.

Spotify Technology News Roundup

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

• Positive Sentiment: UBS expects Spotify to report accelerating Q2 revenue growth of about 15.6% on a constant-currency basis, with results likely in line with management guidance, reinforcing confidence in the company’s near-term fundamentals. Spotify on track for double-digit growth, UBS says ahead of Q2
• Positive Sentiment: UBS maintained a buy rating on Spotify Technology (SPOT), signaling continued analyst support despite a lower price target. UBS lowers Spotify price target to $690
• Neutral Sentiment: Several analysts also adjusted price targets this week, including Rosenblatt and Wells Fargo, but the ratings stayed mostly neutral-to-bullish, suggesting expectations have shifted more than the underlying thesis. Spotify analyst price target changes
• Neutral Sentiment: Recent insider share sales by executives, including the CEO and co-CEO, drew attention, but the filings indicate the transactions were tied to tax withholding or pre-arranged trading plans, which softens the negative signal. Spotify CEO sells shares
• Negative Sentiment: Some market commentary highlighted insider selling and valuation concerns, which could pressure sentiment if investors decide Spotify’s growth is already priced in. Spotify stock could be 35% undervalued despite fraud stream removals

Spotify Technology Trading Up 0.1%

NYSE:SPOT opened at $480.46 on Monday. The firm’s fifty day simple moving average is $471.10 and its 200 day simple moving average is $494.73. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $748.30. The firm has a market capitalization of $98.92 billion, a price-to-earnings ratio of 38.28, a PEG ratio of 1.18 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating the consensus estimate of $3.41 by $0.63. The company had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm’s revenue was up 8.2% compared to the same quarter last year. During the same period last year, the company posted $1.07 earnings per share. On average, analysts predict that Spotify Technology will post 14.62 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the sale, the chief executive officer directly owned 67,582 shares in the company, valued at approximately $32,497,480.52. This trade represents a 7.44% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 20,259 shares in the company, valued at $9,692,918.55. This trade represents a 50.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 111,442 shares of company stock valued at $54,757,553. Company insiders own 0.40% of the company’s stock.

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.