1,040 Spotify Technology $SPOT Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its holdings in Spotify Technology (NYSE:SPOT) by 2.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 45,055 shares of the company’s stock after purchasing 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 reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SPOT. Montanova Capital LLC raised its stake in Spotify Technology by 9,154.5% during the 2nd quarter. Montanova Capital LLC now owns 101,800 shares of the company’s stock valued at $46,739,000 after purchasing an additional 100,700 shares during the period. Manning & Napier Advisors LLC bought a new position in Spotify Technology in the 2nd quarter worth approximately $100,867,000. Plato Investment Management Ltd bought a new position in Spotify Technology in the 2nd quarter worth approximately $1,363,000. Ally Financial Inc. grew its holdings in Spotify Technology by 100.0% during the 2nd quarter. Ally Financial Inc. now owns 7,000 shares of the company’s stock valued at $3,214,000 after buying an additional 3,500 shares in the last quarter. Finally, HS Management Partners LLC purchased a new stake in Spotify Technology during the 2nd quarter valued at approximately $13,404,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

NYSE:SPOT opened at $608.17 on Thursday. The stock’s fifty day moving average is $541.13 and its 200 day moving average is $502.02. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $668.49. The firm has a market capitalization of $125.21 billion, a PE ratio of 40.32, a PEG ratio of 1.88 and a beta of 1.49.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Thursday, October 22nd. The company reported $2.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.18 by ($0.37). The business 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 quarter last year, the firm earned $3.28 EPS. Equities analysts forecast that Spotify Technology will post 13.66 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SPOT. Morgan Stanley lifted their price objective on shares of Spotify Technology from $640.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, October 23rd. Citizens Jmp restated a “market outperform” rating and set a $625.00 target price on shares of Spotify Technology in a research report on Friday, October 23rd. UBS Group cut their target price on shares of Spotify Technology from $690.00 to $675.00 and set a “buy” rating for the company in a research note on Monday, October 5th. KeyCorp reduced their price target on shares of Spotify Technology from $680.00 to $660.00 and set an “overweight” rating on the stock in a report on Thursday, October 1st. Finally, Oppenheimer boosted their price target on shares of Spotify Technology from $550.00 to $650.00 and gave the stock an “outperform” rating in a research note on Friday, October 23rd. Twenty-three investment 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, the company has an average rating of “Moderate Buy” and a consensus target price of $620.07.

Insider Buying and Selling at Spotify Technology

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

Spotify Technology Company Profile

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.