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

New York State Teachers Retirement System raised its position in Spotify Technology (NYSE:SPOT) by 2,074.0% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,174 shares of the company’s stock after purchasing an additional 2,074 shares during the period. New York State Teachers Retirement System’s holdings in Spotify Technology were worth $1,054,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Norges Bank acquired a new position in shares of Spotify Technology in the fourth quarter worth about $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Spotify Technology by 1,382.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock valued at $724,251,000 after purchasing an additional 1,163,045 shares in the last quarter. Coatue Management LLC grew its stake in Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock valued at $1,423,251,000 after purchasing an additional 647,708 shares in the last quarter. National Pension Service purchased a new stake in Spotify Technology during the 4th quarter worth approximately $316,278,000. Finally, Swedbank AB increased its holdings in Spotify Technology by 37.9% during the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock worth $938,614,000 after purchasing an additional 444,162 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SPOT has been the subject of several research analyst reports. Barclays increased their target price on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Weiss Ratings cut shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Daiwa Securities Group initiated coverage on shares of Spotify Technology in a research note on Thursday, March 26th. They set an “outperform” rating and a $535.00 price objective on the stock. Morgan Stanley boosted their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Finally, Guggenheim cut their target price on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $638.58.

Spotify Technology News Summary

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

Insiders Place Their Bets

In related news, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the transaction, the director owned 4,039 shares in the company, valued at $2,099,714.54. The trade was a 39.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction 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 owned 20,259 shares of the company’s stock, valued at approximately $9,692,918.55. The trade was a 50.70% decrease in their ownership of the stock. 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. In 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.

Spotify Technology Stock Up 0.1%

SPOT opened at $480.46 on Monday. The company’s 50-day moving average price is $471.10 and its 200 day moving average price is $494.73. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30. The firm has a market cap of $98.92 billion, a price-to-earnings ratio of 38.28, a price-to-earnings-growth ratio of 1.18 and a beta of 1.56.

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

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.