Illinois Municipal Retirement Fund Raises Stake in Spotify Technology $SPOT

Illinois Municipal Retirement Fund lifted its position in shares of Spotify Technology (NYSE:SPOT) by 7.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 47,441 shares of the company’s stock after purchasing an additional 3,459 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Spotify Technology were worth $27,549,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of SPOT. Sivia Capital Partners LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth about $312,000. Jump Financial LLC grew its holdings in shares of Spotify Technology by 5.2% during the 2nd quarter. Jump Financial LLC now owns 1,132 shares of the company’s stock worth $869,000 after purchasing an additional 56 shares during the period. Cary Street Partners Financial LLC purchased a new stake in shares of Spotify Technology during the 2nd quarter worth about $178,000. NewEdge Advisors LLC grew its holdings in shares of Spotify Technology by 36.9% during the 2nd quarter. NewEdge Advisors LLC now owns 12,650 shares of the company’s stock worth $9,707,000 after purchasing an additional 3,412 shares during the period. Finally, Glenview Trust co purchased a new stake in shares of Spotify Technology during the 2nd quarter worth about $298,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on SPOT shares. Citizens Jmp boosted their target price on Spotify Technology from $600.00 to $625.00 and gave the stock a “market outperform” rating in a report on Friday, May 22nd. Guggenheim decreased their target price on Spotify Technology from $600.00 to $565.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Morgan Stanley upped their price target on Spotify Technology from $590.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Cantor Fitzgerald upped their price target on Spotify Technology from $430.00 to $520.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Finally, Canaccord Genuity Group decreased their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $655.92.

Spotify Technology Stock Up 1.5%

NYSE SPOT opened at $503.83 on Thursday. The stock has a market cap of $103.73 billion, a PE ratio of 40.15, a P/E/G ratio of 1.21 and a beta of 1.56. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The business has a 50 day moving average price of $482.56 and a two-hundred day moving average price of $511.78.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts’ consensus estimates of $3.41 by $0.63. The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.Spotify Technology’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.07 EPS. Sell-side analysts anticipate that Spotify Technology will post 14.72 EPS for the current fiscal year.

Insider Activity at Spotify Technology

In other news, CEO Alex Norstrom sold 5,436 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $479.51, for a total transaction of $2,606,616.36. Following the completion of the transaction, the chief executive officer directly owned 69,989 shares in the company, valued at approximately $33,560,425.39. This represents a 7.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Christopher P. Marshall sold 2,650 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total value of $1,377,629.00. Following the transaction, the director owned 4,039 shares of the company’s stock, valued at approximately $2,099,714.54. This trade represents a 39.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 111,442 shares of company stock worth $54,647,508. 0.40% of the stock is currently owned by insiders.

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.