Spotify Technology $SPOT Position Increased by Retirement Systems of Alabama

Retirement Systems of Alabama raised its position in Spotify Technology (NYSE:SPOT) by 2.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 45,055 shares of the company’s stock after acquiring an additional 1,040 shares during the quarter. Retirement Systems of Alabama’s holdings in Spotify Technology were worth $21,959,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Pin Oak Investment Advisors Inc. bought a new stake in shares of Spotify Technology during the 2nd quarter valued at about $27,000. Palladiem LLC bought a new position in shares of Spotify Technology in the 1st quarter worth approximately $34,000. Tsfg LLC boosted its holdings in shares of Spotify Technology by 39.7% in the second quarter. Tsfg LLC now owns 81 shares of the company’s stock worth $37,000 after buying an additional 23 shares during the last quarter. Elevation Wealth Partners LLC boosted its holdings in shares of Spotify Technology by 142.9% in the third quarter. Elevation Wealth Partners LLC now owns 85 shares of the company’s stock worth $41,000 after buying an additional 50 shares during the last quarter. Finally, Blume Capital Management Inc. boosted its holdings in shares of Spotify Technology by 2,000.0% in the third quarter. Blume Capital Management Inc. now owns 84 shares of the company’s stock worth $41,000 after buying an additional 80 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SPOT shares. Barclays boosted their target price on shares of Spotify Technology from $565.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, October 23rd. Citizens Jmp reiterated a “market outperform” rating and set a $625.00 price target on shares of Spotify Technology in a research note on Friday, October 23rd. TD Cowen reissued a “hold” rating and set a $525.00 price objective on shares of Spotify Technology in a research report on Friday, October 23rd. Finally, Weiss Ratings raised shares of Spotify Technology from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, August 26th. Twenty-three equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $620.07.

Insider Buying and Selling

In other Spotify Technology news, CEO Gustav Söderström sold 20,910 shares of the firm’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $530.13, for a total transaction of $11,085,018.30. Following the sale, the chief executive officer owned 19,908 shares in the company, valued at approximately $10,553,828.04. This trade represents a 51.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 0.40% of the company’s stock.

Spotify Technology Stock Up 0.3%

NYSE SPOT opened at $608.17 on Thursday. The stock’s 50-day moving average price is $541.13 and its 200-day moving average price is $502.02. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $668.49. The company has a market capitalization of $125.21 billion, a P/E ratio of 40.32, a price-to-earnings-growth ratio of 1.88 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Thursday, October 22nd. The company reported $2.81 earnings per share for the quarter, missing analysts’ consensus estimates of $3.18 by ($0.37). The company had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.64 billion. Spotify Technology had a net margin of 15.74% and a return on equity of 35.64%. The firm’s quarterly revenue was up 16.3% on a year-over-year basis. During the same period in the previous year, the firm earned $3.28 earnings per share. Research analysts anticipate that Spotify Technology will post 13.66 EPS for the current year.

About Spotify Technology

Spotify Technology operates a digital audio streaming platform offering music, podcasts and audiobooks. Listeners can use the service through a free, advertising-supported option or paid subscriptions, with features for discovering, organizing and sharing audio content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008. The company serves listeners and creators in markets around the world and provides tools and services for artists, podcasters, authors and other content partners.