Teacher Retirement System of Texas Has $66.85 Million Stock Position in Spotify Technology $SPOT

Teacher Retirement System of Texas cut its holdings in shares of Spotify Technology (NYSE:SPOT) by 51.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 95,774 shares of the company’s stock after selling 100,297 shares during the period. Teacher Retirement System of Texas’ holdings in Spotify Technology were worth $66,850,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Knuff & Co LLC bought a new stake in shares of Spotify Technology during the second quarter worth approximately $27,000. Heartwood Wealth Advisors LLC acquired a new stake in Spotify Technology during the 3rd quarter worth $27,000. Total Investment Management Inc. acquired a new stake in Spotify Technology during the 2nd quarter worth $29,000. Sound Income Strategies LLC raised its position in shares of Spotify Technology by 156.3% during the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after acquiring an additional 25 shares during the last quarter. Finally, Albion Financial Group UT lifted its stake in shares of Spotify Technology by 80.0% in the 3rd quarter. Albion Financial Group UT now owns 45 shares of the company’s stock valued at $31,000 after purchasing an additional 20 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $498.54 on Friday. Spotify Technology has a 52 week low of $475.01 and a 52 week high of $785.00. The company’s 50 day moving average price is $571.95 and its two-hundred day moving average price is $646.31. The company has a market capitalization of $102.64 billion, a P/E ratio of 78.39, a price-to-earnings-growth ratio of 0.95 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the prior year, the firm earned $1.45 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. Analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of recent analyst reports. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $735.00 to $700.00 in a research report on Friday. Cantor Fitzgerald lowered their price target on Spotify Technology from $675.00 to $615.00 and set a “neutral” rating for the company in a research note on Thursday, January 8th. Guggenheim reduced their price objective on shares of Spotify Technology from $800.00 to $750.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Finally, Rosenblatt Securities lowered their target price on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $739.07.

About Spotify Technology

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.