Teacher Retirement System of Texas Sells 100,297 Shares of Spotify Technology $SPOT

Teacher Retirement System of Texas lowered its position in shares of Spotify Technology (NYSE:SPOT) by 51.2% in the third quarter, HoldingsChannel reports. The fund 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 SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank acquired a new position in Spotify Technology during the second quarter worth $768,915,000. Fisher Asset Management LLC lifted its position in Spotify Technology by 22.7% during the 2nd quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after buying an additional 460,115 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of Spotify Technology by 215.3% during the 2nd quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock worth $387,758,000 after buying an additional 345,048 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Spotify Technology by 41.8% during the 2nd quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock worth $867,937,000 after buying an additional 333,537 shares during the last quarter. Finally, Brown Advisory Inc. grew its holdings in shares of Spotify Technology by 931.2% in the 2nd quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock valued at $278,456,000 after acquiring an additional 327,667 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SPOT has been the subject of several recent research reports. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, November 4th. Barclays dropped their price objective on Spotify Technology from $700.00 to $625.00 and set an “overweight” rating on the stock in a research note on Tuesday. Guggenheim decreased their target price on shares of Spotify Technology from $800.00 to $750.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 29th. Finally, UBS Group cut their price target on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $739.07.

Spotify Technology Trading Down 0.7%

SPOT opened at $498.54 on Friday. The stock’s fifty day simple moving average is $571.95 and its 200 day simple moving average is $646.31. Spotify Technology has a 1-year low of $475.01 and a 1-year high of $785.00. The stock has a market cap of $102.64 billion, a PE ratio of 78.39, a price-to-earnings-growth ratio of 0.95 and a beta of 1.66.

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

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.