Illinois Municipal Retirement Fund lessened its holdings in Spotify Technology (NYSE:SPOT – Free Report) by 13.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 41,187 shares of the company’s stock after selling 6,254 shares during the period. Illinois Municipal Retirement Fund’s holdings in Spotify Technology were worth $19,972,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the business. Norges Bank acquired a new position in Spotify Technology during the fourth quarter worth $711,460,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Spotify Technology by 1,382.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,247,182 shares of the company’s stock worth $724,251,000 after buying an additional 1,163,045 shares during the last quarter. Coatue Management LLC boosted its stake in shares of Spotify Technology by 35.9% during the 4th quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after acquiring an additional 647,708 shares in the last quarter. National Pension Service bought a new stake in shares of Spotify Technology during the 4th quarter worth about $316,278,000. Finally, Swedbank AB boosted its stake in shares of Spotify Technology by 37.9% during the 4th quarter. Swedbank AB now owns 1,616,321 shares of the company’s stock worth $938,614,000 after acquiring an additional 444,162 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on SPOT shares. Benchmark cut their price objective on Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. The Goldman Sachs Group decreased their target price on Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a research report on Wednesday, April 29th. JPMorgan Chase & Co. increased their price target on Spotify Technology from $600.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, May 22nd. Guggenheim dropped their price target on shares of Spotify Technology from $600.00 to $565.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Finally, Canaccord Genuity Group dropped their price target on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $638.58.
Insider Activity
In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $430.72, for a total value 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 trade represents a 50.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $525.73, for a total value of $18,600,327.40. Following the sale, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. The trade was a 84.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 111,442 shares of company stock valued at $54,757,553. Corporate insiders own 0.40% of the company’s stock.
Spotify Technology News Summary
Here are the key news stories impacting Spotify Technology this week:
- Positive Sentiment: Spotify launched a ChatGPT-like music assistant that lets Premium users talk to the app, request songs or audio, and ask questions about their listening history. That could boost user engagement and strengthen Spotify’s product moat. Spotify expands its AI push with a ChatGPT-like music assistant
- Positive Sentiment: Jefferies reiterated a Buy rating and $600 price target, saying it remains constructive on Spotify’s long-term outlook and sees potential catalysts from a Warner Music Group remixing agreement and future AI remixing features. Spotify seen delivering steady Q2 results as investors await AI remixing updates
- Positive Sentiment: Spotify expanded parent-managed accounts to users on its free tier in several countries, including the U.S. and U.K. That broadens a family feature beyond paid subscribers and could help improve retention and drive future conversion. Spotify expands parent-managed accounts to users on its free tier
- Neutral Sentiment: Coverage ahead of earnings suggests Spotify’s second-quarter results may be steady rather than a major surprise, so the upcoming report may not be a near-term stock-moving event on its own. Spotify seen delivering steady Q2 results as investors await AI remixing updates
- Neutral Sentiment: Several articles simply recapped Spotify’s shift toward a more creator-friendly platform and the new conversational AI feature, reinforcing the same product narrative rather than adding a new catalyst. Spotify on its shift from exclusive podcasts to building a creator-friendly platform
Spotify Technology Price Performance
NYSE SPOT opened at $485.67 on Thursday. The firm has a market capitalization of $99.99 billion, a price-to-earnings ratio of 38.70, a P/E/G ratio of 1.18 and a beta of 1.56. The company’s fifty day moving average is $474.20 and its two-hundred day moving average is $492.59. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $748.30.
Spotify Technology (NYSE:SPOT – Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 EPS for the quarter, beating analysts’ consensus estimates of $3.41 by $0.63. The business had revenue of $5.25 billion during the quarter, compared to analyst estimates of $5.23 billion. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.07 earnings per share. As a group, sell-side analysts expect that Spotify Technology will post 14.62 earnings per share for the current fiscal year.
Spotify Technology Company 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.
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