Illinois Municipal Retirement Fund Has $35.16 Million Holdings in Spotify Technology (NYSE:SPOT)

Illinois Municipal Retirement Fund cut its position in Spotify Technology (NYSE:SPOT - Free Report) by 7.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 63,927 shares of the company's stock after selling 5,029 shares during the quarter. Spotify Technology makes up about 0.5% of Illinois Municipal Retirement Fund's holdings, making the stock its 26th biggest position. Illinois Municipal Retirement Fund's holdings in Spotify Technology were worth $35,162,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SPOT. Mpwm Advisory Solutions LLC bought a new stake in Spotify Technology in the 4th quarter valued at $26,000. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the 4th quarter worth about $27,000. Copia Wealth Management bought a new position in shares of Spotify Technology during the 4th quarter worth about $29,000. North Star Investment Management Corp. lifted its holdings in shares of Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock worth $30,000 after acquiring an additional 19 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Spotify Technology by 209.1% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock valued at $37,000 after purchasing an additional 46 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SPOT has been the subject of several analyst reports. FBN Securities initiated coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target for the company. Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. Robert W. Baird lifted their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Sanford C. Bernstein upgraded shares of Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Redburn Atlantic assumed coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price objective for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $647.52.

Spotify Technology Stock Performance

Spotify Technology stock opened at $775.84 on Friday. The stock has a market cap of $158.82 billion, a P/E ratio of 128.66, a PEG ratio of 1.93 and a beta of 1.68. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $781.20. The firm's fifty day moving average price is $661.04 and its 200-day moving average price is $581.19.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 EPS. Sell-side analysts predict that Spotify Technology will post 10.3 earnings per share for the current year.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

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