56,031 Shares in Spotify Technology $SPOT Acquired by State of Michigan Retirement System

State of Michigan Retirement System bought a new stake in Spotify Technology (NYSE:SPOT) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 56,031 shares of the company’s stock, valued at approximately $27,170,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quadcap Wealth Management LLC boosted its position in shares of Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company’s stock worth $206,000 after buying an additional 16 shares during the period. Sagespring Wealth Partners LLC grew its stake in shares of Spotify Technology by 2.9% in the fourth quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company’s stock valued at $370,000 after buying an additional 18 shares in the last quarter. Objectivity Squared LLC raised its holdings in shares of Spotify Technology by 0.8% in the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company’s stock valued at $1,499,000 after buying an additional 20 shares during the period. GAMMA Investing LLC lifted its position in shares of Spotify Technology by 1.4% during the fourth quarter. GAMMA Investing LLC now owns 1,667 shares of the company’s stock worth $968,000 after purchasing an additional 23 shares in the last quarter. Finally, Greenleaf Trust boosted its stake in shares of Spotify Technology by 5.8% in the fourth quarter. Greenleaf Trust now owns 455 shares of the company’s stock valued at $264,000 after purchasing an additional 25 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Insider Buying and Selling

In other Spotify Technology news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $480.86, for a total transaction of $2,613,954.96. Following the sale, the chief executive officer owned 67,582 shares of the company’s stock, valued at approximately $32,497,480.52. This trade represents a 7.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the sale, the director owned 6,383 shares of the company’s stock, valued at $3,355,734.59. This represents a 84.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 111,442 shares of company stock valued at $54,757,553 over the last three months. 0.40% of the stock is currently owned by insiders.

Spotify Technology Stock Performance

NYSE:SPOT opened at $480.56 on Wednesday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30. The stock has a market cap of $98.94 billion, a P/E ratio of 38.29, a P/E/G ratio of 1.18 and a beta of 1.56. The stock has a 50-day simple moving average of $473.01 and a 200-day simple moving average of $493.29.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping the consensus estimate of $3.41 by $0.63. The business had revenue of $5.25 billion for the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the company earned $1.07 EPS. On average, equities research analysts predict that Spotify Technology will post 14.62 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SPOT shares. Barclays lifted their price objective on shares of Spotify Technology from $500.00 to $565.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. KeyCorp decreased their price target on shares of Spotify Technology from $745.00 to $680.00 and set an “overweight” rating for the company in a research report on Wednesday, April 29th. UBS Group dropped their price target on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating for the company in a research note on Friday, July 10th. Citizens Jmp upped their price objective on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research report on Friday, May 22nd. Finally, JPMorgan Chase & Co. increased their price objective on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $638.58.

More Spotify Technology News

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

• Positive Sentiment: Spotify launched a conversational AI assistant for Premium users, allowing listeners to request music and get personalized help inside the app, a potential engagement and retention boost. Spotify expands its AI push with a ChatGPT-like music assistant
• Positive Sentiment: Multiple outlets highlighted the new AI experience as a major upgrade to Spotify’s app, reinforcing the company’s push to use artificial intelligence to improve discovery and user satisfaction. Spotify’s new conversational AI can play tracks you request and answer your music questions
• Positive Sentiment: Spotify’s new controls for Release Radar may help users find new music more easily, supporting better discovery and longer time spent in the app. Spotify just gave Release Radar new controls so you can find new music your way

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.