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

Teacher Retirement System of Texas lessened its stake in Spotify Technology (NYSE:SPOT) by 2.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of SPOT. Rockingstone Advisors LLC boosted its stake in shares of Spotify Technology by 3.1% during the fourth quarter. Rockingstone Advisors LLC now owns 6,171 shares of the company’s stock worth $3,584,000 after buying an additional 187 shares during the period. Kingswood Wealth Advisors LLC boosted its stake in shares of Spotify Technology by 12.6% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 788 shares of the company’s stock worth $458,000 after buying an additional 88 shares during the period. KLP Kapitalforvaltning AS boosted its stake in shares of Spotify Technology by 1.0% during the fourth quarter. KLP Kapitalforvaltning AS now owns 134,840 shares of the company’s stock worth $78,303,000 after buying an additional 1,340 shares during the period. M&T Bank Corp boosted its stake in shares of Spotify Technology by 157.7% during the fourth quarter. M&T Bank Corp now owns 59,183 shares of the company’s stock worth $34,368,000 after buying an additional 36,216 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Spotify Technology by 1,714.5% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 10,161 shares of the company’s stock worth $5,901,000 after buying an additional 9,601 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Up 0.1%

Shares of Spotify Technology stock opened at $522.82 on Thursday. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $785.00. The stock has a market cap 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 company has a 50-day moving average of $498.51 and a two-hundred day moving average of $554.62.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Wednesday, February 11th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. The company had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the company posted $1.88 earnings per share. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts forecast that Spotify Technology will post 15.55 EPS for the current fiscal year.

Insider Transactions at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares of the company’s stock, valued at $33,560,425.39. This trade represents a 7.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $473.52, for a total transaction of $9,864,842.16. Following the transaction, the chief executive officer directly owned 20,609 shares of the company’s stock, valued at approximately $9,758,773.68. This trade represents a 50.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the subject of several recent research reports. 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 target price for the company. Cantor Fitzgerald cut their price target on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a report on Wednesday, February 11th. Pivotal Research cut shares of Spotify Technology from a “buy” rating to a “hold” rating and cut their price target for the stock from $875.00 to $420.00 in a report on Wednesday, February 11th. Wells Fargo & Company cut their price target on shares of Spotify Technology from $650.00 to $640.00 and set an “overweight” rating for the company in a report on Monday, April 13th. Finally, Arete Research raised shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a report on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $691.21.

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.