TIAA Trust National Association Sells 9,169 Shares of Spotify Technology $SPOT

TIAA Trust National Association cut its stake in shares of Spotify Technology (NYSE:SPOT) by 43.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,995 shares of the company’s stock after selling 9,169 shares during the period. TIAA Trust National Association’s holdings in Spotify Technology were worth $6,966,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in Spotify Technology by 12.9% during the 4th quarter. Principal Financial Group Inc. now owns 645,196 shares of the company’s stock valued at $374,672,000 after acquiring an additional 73,722 shares in the last quarter. Vanguard Group Inc. lifted its stake in Spotify Technology by 2.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,005,882 shares of the company’s stock valued at $702,106,000 after acquiring an additional 24,199 shares in the last quarter. City Holding Co. lifted its stake in Spotify Technology by 2,515.9% during the 4th quarter. City Holding Co. now owns 5,598 shares of the company’s stock valued at $3,251,000 after acquiring an additional 5,384 shares in the last quarter. ARK Investment Management LLC lifted its stake in Spotify Technology by 8.2% during the 3rd quarter. ARK Investment Management LLC now owns 80,285 shares of the company’s stock valued at $56,039,000 after acquiring an additional 6,100 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its stake in Spotify Technology by 4.6% during the 3rd quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after acquiring an additional 113,612 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Gustav Soderstrom sold 20,833 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $496.52, for a total value of $10,344,001.16. Following the sale, the chief executive officer directly owned 20,376 shares in the company, valued at approximately $10,117,091.52. The trade was a 50.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Alex Norstrom sold 5,436 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $479.51, for a total value of $2,606,616.36. Following the completion of the sale, the chief executive officer owned 69,989 shares in the company, valued at $33,560,425.39. This represents a 7.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 111,442 shares of company stock worth $54,647,508 in the last ninety days. 0.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SPOT shares. Weiss Ratings upgraded Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 4th. KeyCorp lowered their target price on Spotify Technology from $745.00 to $680.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 29th. UBS Group lowered their target price on Spotify Technology from $760.00 to $735.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $600.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Finally, Barclays lifted their target price on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $655.92.

Spotify Technology Price Performance

NYSE SPOT opened at $496.56 on Wednesday. The stock has a market capitalization of $102.23 billion, a price-to-earnings ratio of 39.57, a PEG ratio of 1.23 and a beta of 1.56. Spotify Technology has a one year low of $405.00 and a one year high of $785.00. The business’s fifty day moving average is $481.98 and its 200-day moving average is $512.39.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business had revenue of $5.25 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same period in the previous year, the business posted $1.07 EPS. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. Research analysts expect that Spotify Technology will post 14.72 EPS for the current fiscal 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.