Public Employees Retirement System of Ohio Makes New $34.29 Million Investment in Spotify Technology $SPOT

Public Employees Retirement System of Ohio bought a new position in shares of Spotify Technology (NYSE:SPOT) during the 2nd quarter, Holdings Channel reports. The firm bought 74,690 shares of the company’s stock, valued at approximately $34,292,000.

Several other large investors also recently bought and sold shares of SPOT. Portus Wealth Advisors LLC purchased a new stake in Spotify Technology during the 1st quarter worth about $32,000. Kemnay Advisory Services Inc. purchased a new position in Spotify Technology in the 4th quarter valued at about $32,000. Whipplewood Advisors LLC increased its position in shares of Spotify Technology by 423.1% in the 1st quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after purchasing an additional 55 shares during the last quarter. Palladiem LLC acquired a new stake in shares of Spotify Technology during the 1st quarter valued at approximately $34,000. Finally, Osbon Capital Management LLC bought a new position in Spotify Technology during the fourth quarter worth $35,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on SPOT. Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. Citizens Jmp increased their target price on shares of Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Argus restated a “buy” rating and issued a $600.00 price target on shares of Spotify Technology in a research report on Thursday, August 13th. Guggenheim reaffirmed a “buy” rating and issued a $565.00 price target on shares of Spotify Technology in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $609.05.

Spotify Technology Trading Up 4.0%

Shares of NYSE SPOT opened at $548.35 on Friday. The business has a 50-day moving average price of $493.67 and a two-hundred day moving average price of $488.71. Spotify Technology has a one year low of $405.00 and a one year high of $745.00. The firm has a market capitalization of $112.89 billion, a PE ratio of 34.14, a PEG ratio of 1.29 and a beta of 1.58.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 EPS for the quarter, missing analysts’ consensus estimates of $3.16 by ($0.13). The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.47 billion. Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The company’s quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.42) EPS. Research analysts anticipate that Spotify Technology will post 14.3 EPS for the current year.

More Spotify Technology News

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

• Positive Sentiment: A bullish analysis argues that Spotify’s improving fundamentals and stock price well below last year’s peak could create substantial upside through 2030. The thesis highlights a potential disconnect between the company’s operating performance and its valuation, despite Spotify’s latest quarterly revenue rising 13.9% year over year. Prediction: Spotify Stock Could Be a Monster Winner by 2030
• Positive Sentiment: Spotify launched Premium Early Access in India, giving paying subscribers earlier access to releases from prominent artists including Badshah and Harrdy Sandhu. The initiative could improve premium-user engagement, strengthen Spotify’s position in India and support future monetization in a large growth market. Spotify launches Premium Early Access in India
• Neutral Sentiment: A discussion of Sweden’s startup ecosystem provides broader technology-sector context but does not announce a material change to Spotify’s operations, financial outlook or valuation. How Sweden built one of Europe’s hottest startup ecosystems
• Negative Sentiment: Spotify’s ad-skipping feature is raising questions about the company’s podcast strategy. Although it may improve the listener experience, easier avoidance of podcast ads could reduce advertising value or complicate revenue sharing for creators and Spotify. Spotify Ad-Skipping Feature Blurs Company Impact On Podcasting

Insiders Place Their Bets

In related news, CEO Alex Norstrom sold 5,436 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $502.10, for a total value of $2,729,415.60. Following the completion of the transaction, the chief executive officer directly owned 66,773 shares of the company’s stock, valued at $33,526,723.30. This trade represents a 7.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total transaction of $10,344,001.16. Following the sale, the chief executive officer owned 20,376 shares in the company, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 73,371 shares of company stock worth $36,222,251 in the last ninety days. 0.40% of the stock is currently owned by insiders.

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.