State of Michigan Retirement System Invests $27.17 Million in Spotify Technology $SPOT

State of Michigan Retirement System purchased a new stake in Spotify Technology (NYSE:SPOT) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 56,031 shares of the company’s stock, valued at approximately $27,170,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. KERR FINANCIAL PLANNING Corp acquired a new stake in Spotify Technology during the 3rd quarter worth approximately $26,000. Portus Wealth Advisors LLC acquired a new position in shares of Spotify Technology in the first quarter valued at approximately $32,000. Kemnay Advisory Services Inc. purchased a new stake in shares of Spotify Technology during the fourth quarter worth approximately $32,000. Whipplewood Advisors LLC raised its stake in shares of Spotify Technology by 423.1% during the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after purchasing an additional 55 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Spotify Technology during the 4th quarter worth $35,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company cut their price target 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. Benchmark lowered their target price on shares of Spotify Technology from $760.00 to $695.00 and set a “buy” rating on the stock in a research report on Wednesday, April 29th. Pivotal Research dropped their target price on shares of Spotify Technology from $420.00 to $400.00 and set a “hold” rating for the company in a report on Wednesday, April 29th. Daiwa Securities Group started coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They set an “outperform” rating and a $535.00 price target for the company. Finally, Canaccord Genuity Group decreased their price target on Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $638.58.

Insider Activity

In other news, Director Christopher P. Marshall sold 2,650 shares of the business’s stock in a transaction 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 transaction, the director directly owned 4,039 shares of the company’s stock, 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 legal filing with the SEC, which is available through the SEC website. Also, Director Thomas O. Staggs sold 5,477 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $526.00, for a total value of $2,880,902.00. Following the completion of the sale, the director owned 3,619 shares in the company, valued at $1,903,594. This represents a 60.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 111,442 shares of company stock worth $54,757,553 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $480.56 on Wednesday. The firm’s 50-day moving average is $473.01 and its two-hundred day moving average is $493.29. The company has a market capitalization of $98.94 billion, a PE ratio of 38.29, a price-to-earnings-growth ratio of 1.18 and a beta of 1.56. Spotify Technology has a 12-month low of $405.00 and a 12-month high of $748.30.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data 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. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same period last year, the company posted $1.07 EPS. The company’s revenue was up 8.2% on a year-over-year basis. On average, analysts forecast that Spotify Technology will post 14.62 EPS for the current fiscal year.

Key Stories Impacting Spotify Technology

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

• Positive Sentiment: Spotify launched a conversational AI assistant for Premium users, allowing listeners to request music and get personalized help inside the app, a potential engagement and retention boost. Spotify expands its AI push with a ChatGPT-like music assistant
• Positive Sentiment: Multiple outlets highlighted the new AI experience as a major upgrade to Spotify’s app, reinforcing the company’s push to use artificial intelligence to improve discovery and user satisfaction. Spotify’s new conversational AI can play tracks you request and answer your music questions
• Positive Sentiment: Spotify’s new controls for Release Radar may help users find new music more easily, supporting better discovery and longer time spent in the app. Spotify just gave Release Radar new controls so you can find new music your way

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.