Spotify Technology $SPOT Shares Sold by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio lowered its stake in Spotify Technology (NYSE:SPOT) by 28.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 87,662 shares of the company’s stock after selling 34,956 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Spotify Technology were worth $42,508,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SPOT. Sivia Capital Partners LLC acquired a new position in Spotify Technology during the 2nd quarter valued at about $312,000. Jump Financial LLC raised its position in shares of Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after buying an additional 56 shares in the last quarter. Cary Street Partners Financial LLC acquired a new stake in shares of Spotify Technology in the 2nd quarter worth approximately $178,000. NewEdge Advisors LLC lifted its stake in shares of Spotify Technology by 36.9% in the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after acquiring an additional 3,412 shares during the period. Finally, Glenview Trust co bought a new position in shares of Spotify Technology in the second quarter valued at approximately $298,000. Institutional investors own 84.09% of the company’s stock.

Key Stories Impacting Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street’s Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology (NYSE:SPOT) Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SPOT. Morgan Stanley raised their price objective on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Benchmark cut their target price on Spotify Technology from $695.00 to $650.00 and set a “buy” rating for the company in a research report on Wednesday. Cantor Fitzgerald increased their price target on Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. Barclays lifted their price target on Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Finally, Rosenblatt Securities dropped their price objective on Spotify Technology from $534.00 to $531.00 and set a “neutral” rating on the stock in a research note on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target of $630.70.

Spotify Technology Price Performance

Shares of SPOT opened at $483.27 on Friday. The firm’s 50 day moving average is $481.62 and its 200-day moving average is $488.36. The stock has a market capitalization of $99.50 billion, a P/E ratio of 38.51, a P/E/G ratio of 1.16 and a beta of 1.56. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion for the quarter, compared to the consensus estimate of $5.23 billion. During the same period in the previous year, the firm earned $1.07 EPS. The business’s revenue for the quarter was up 8.2% on a year-over-year basis. As a group, equities research analysts forecast that Spotify Technology will post 14.51 EPS for the current fiscal year.

Insider Transactions at Spotify Technology

In other news, CEO Gustav Soderstrom sold 20,833 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total transaction of $8,973,189.76. Following the completion of the sale, the chief executive officer owned 20,492 shares in the company, valued at approximately $8,826,314.24. This represents a 50.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the sale, the director owned 4,039 shares of the company’s stock, valued at $2,099,714.54. This trade represents a 39.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 111,442 shares of company stock valued at $54,757,553 in the last 90 days. 0.40% of the stock is owned by corporate insiders.

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.