California Public Employees Retirement System Lowers Position in Spotify Technology $SPOT

California Public Employees Retirement System reduced its position in shares of Spotify Technology (NYSE:SPOT) by 21.4% in the first quarter, Holdings Channel reports. The fund owned 215,931 shares of the company’s stock after selling 58,862 shares during the quarter. California Public Employees Retirement System’s holdings in Spotify Technology were worth $104,707,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SPOT. State Street Corp lifted its stake in Spotify Technology by 1.9% in the fourth quarter. State Street Corp now owns 4,712,249 shares of the company’s stock worth $2,736,450,000 after purchasing an additional 89,951 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Spotify Technology by 4.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,869,472 shares of the company’s stock valued at $2,247,042,000 after buying an additional 149,479 shares during the last quarter. Capital World Investors grew its stake in shares of Spotify Technology by 4.9% during the fourth quarter. Capital World Investors now owns 2,863,821 shares of the company’s stock valued at $1,663,024,000 after buying an additional 133,108 shares during the last quarter. Fisher Asset Management LLC raised its holdings in shares of Spotify Technology by 2.4% in the fourth quarter. Fisher Asset Management LLC now owns 2,665,512 shares of the company’s stock worth $1,547,890,000 after buying an additional 62,887 shares during the period. Finally, Coatue Management LLC raised its holdings in shares of Spotify Technology by 35.9% in the fourth quarter. Coatue Management LLC now owns 2,450,881 shares of the company’s stock worth $1,423,251,000 after buying an additional 647,708 shares during the period. Institutional investors own 84.09% of the company’s stock.

More Spotify Technology News

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

• Positive Sentiment: Spotify unveiled a new AI assistant that lets users find songs, build playlists, and explore podcasts using natural language, which could improve engagement and support premium user growth. Spotify’s new AI assistant lets you find songs, create playlists and explore podcasts using natural language
• Positive Sentiment: Jefferies reiterated a Buy rating and a $600 price target ahead of earnings, signaling continued confidence in Spotify’s long-term growth and AI-related product roadmap. Spotify seen delivering steady Q2 results as investors await AI remixing updates
• Neutral Sentiment: Spotify was highlighted in an investor letter as having robust results, suggesting institutional investors still see the company as a strong operator despite recent market noise. Market Overlooked Spotify Technology S.A. (SPOT) Despite Robust Results
• Neutral Sentiment: Spotify partnered with Back Market for a back-to-school promotion, expanding brand visibility but with limited direct financial impact. Back Market Kicks Off Back-to-School Season with Survey Revealing How Parents Are Redefining the Smart Tech Purchase – And Debuting New Partnerships with Duolingo and Spotify
• Negative Sentiment: Zacks said Spotify’s growth story remains intact, but warned that a rich valuation, high royalty costs, and intensifying competition make the risk/reward less attractive. Spotify’s Growth Story Is Intact, but Faces Valuation Threat
• Negative Sentiment: Spotify also faced criticism after Lorde slammed the company over sloppy AI-generated song descriptions, adding a reputational headwind around its AI rollout. Lorde slams Spotify over sloppy AI-generated song descriptions

Insider Transactions at Spotify Technology

In other news, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total value of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares in the company, valued at $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sven Hans Martin Lorentzon sold 35,380 shares of Spotify Technology stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $525.73, for a total transaction of $18,600,327.40. Following the completion of the sale, the director directly owned 6,383 shares in the company, valued at $3,355,734.59. This represents a 84.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 111,442 shares of company stock valued at $54,757,553. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald boosted their target price on shares of Spotify Technology from $430.00 to $520.00 and gave the company a “neutral” rating in a research note on Tuesday, May 26th. UBS Group reduced their price target on shares of Spotify Technology from $735.00 to $690.00 and set a “buy” rating on the stock in a research note on Friday, July 10th. Wells Fargo & Company decreased their price objective on shares of Spotify Technology from $600.00 to $570.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. 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. Finally, Citizens Jmp increased their price objective on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a research note on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $638.58.

Spotify Technology Trading Up 0.6%

NYSE SPOT opened at $478.86 on Friday. The company has a fifty day simple moving average of $476.38 and a two-hundred day simple moving average of $491.73. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30. The stock has a market cap of $98.59 billion, a P/E ratio of 38.16, a P/E/G ratio of 1.18 and a beta of 1.56.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The company had revenue of $5.25 billion during 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 firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the business posted $1.07 EPS. As a group, sell-side analysts forecast that Spotify Technology will post 14.51 earnings per share for the current year.

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.