California State Teachers Retirement System Sells 18,670 Shares of Spotify Technology $SPOT

California State Teachers Retirement System lowered its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 10.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,954 shares of the company's stock after selling 18,670 shares during the period. California State Teachers Retirement System owned 0.08% of Spotify Technology worth $74,357,940 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SPOT. Pin Oak Investment Advisors Inc. acquired a new position in shares of Spotify Technology during the 2nd quarter worth approximately $27,000. Osbon Capital Management LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at approximately $35,000. Portus Wealth Advisors LLC acquired a new position in shares of Spotify Technology during the 1st quarter valued at $32,000. Whipplewood Advisors LLC increased its stake in shares of Spotify Technology by 423.1% during the 1st 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, Palladiem LLC acquired a new stake in Spotify Technology during the first quarter worth $34,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

SPOT stock traded up $2.32 during midday trading on Tuesday, reaching $558.63. 652,269 shares of the stock were exchanged, compared to its average volume of 2,287,884. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $745.00. The stock has a market capitalization of $115.01 billion, a PE ratio of 34.75, a P/E/G ratio of 1.55 and a beta of 1.59. The company has a fifty day moving average price of $510.28 and a 200 day moving average price of $494.67.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $3.03 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.16 by ($0.13). Spotify Technology had a return on equity of 41.39% and a net margin of 18.44%.The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.47 billion. During the same period in the prior year, the firm posted ($0.42) earnings per share. The business's revenue was up 13.9% on a year-over-year basis. As a group, analysts anticipate that Spotify Technology will post 14.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research reports. Rosenblatt Securities decreased their price objective on Spotify Technology from $531.00 to $527.00 and set a "neutral" rating on the stock in a report on Wednesday, August 5th. Morgan Stanley lifted their target price on shares of Spotify Technology from $590.00 to $610.00 and gave the stock an "overweight" rating in a report on Friday, May 22nd. Wall Street Zen downgraded shares of Spotify Technology from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Wells Fargo & Company cut their price objective on Spotify Technology from $600.00 to $570.00 and set an "overweight" rating for the company in a research report on Thursday, July 9th. Finally, Benchmark dropped their price target on Spotify Technology from $695.00 to $650.00 and set a "buy" rating on the stock in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $609.05.

Insider Buying and Selling at Spotify Technology

In related news, CEO Gustav Söderström sold 20,833 shares of the company's stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $478.45, for a total value of $9,967,548.85. Following the completion of the transaction, the chief executive officer directly owned 20,259 shares of the company's stock, valued at $9,692,918.55. This represents a 50.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Alex Norström sold 5,436 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $502.10, for a total value of $2,729,415.60. Following the transaction, the chief executive officer owned 66,773 shares in the company, valued at $33,526,723.30. This trade represents a 7.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 52,538 shares of company stock worth $25,878,250. Corporate insiders own 0.40% of the company's stock.

Spotify Technology Company Profile

Spotify Technology SA is a Luxembourg-based audio streaming company that operates the Spotify platform. The service gives users access to a broad catalog of music, podcasts and audiobooks, with features for searching, discovering, creating and sharing audio content across connected devices.

Spotify offers an ad-supported service at no subscription cost and paid Premium plans that provide additional features, including ad-free listening and offline playback. The company generates revenue primarily through subscriptions and advertising, while working with music labels, publishers, podcast creators and other rights holders to distribute content.

Founded in Stockholm in 2006 by Daniel Ek and Martin Lorentzon, Spotify launched its streaming service in 2008.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.