Spotify Technology (NYSE:SPOT) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 7.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 266,738 shares of the company's stock after selling 21,809 shares during the period. New York State Common Retirement Fund owned approximately 0.13% of Spotify Technology worth $146,714,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. GQG Partners LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth $800,725,000. Geode Capital Management LLC grew its holdings in Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after buying an additional 1,259,183 shares during the period. Norges Bank purchased a new stake in Spotify Technology in the 4th quarter valued at about $396,028,000. Janus Henderson Group PLC grew its holdings in Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after buying an additional 861,232 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after purchasing an additional 726,245 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 1.6%

NYSE:SPOT traded up $11.68 during mid-day trading on Monday, hitting $720.83. The stock had a trading volume of 334,511 shares, compared to its average volume of 2,214,652. The company has a 50 day simple moving average of $689.79 and a 200-day simple moving average of $602.91. The stock has a market capitalization of $147.56 billion, a price-to-earnings ratio of 119.54, a P/E/G ratio of 1.88 and a beta of 1.68. Spotify Technology has a 52 week low of $288.07 and a 52 week high of $785.00.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SPOT shares. Loop Capital boosted their target price on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. The Goldman Sachs Group upped their price target on Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Bank of America upped their price target on Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a report on Thursday, June 26th. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target for the company in a report on Monday, April 21st. Finally, Pivotal Research upped their target price on Spotify Technology from $800.00 to $900.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the company's stock. According to MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus price target of $701.31.

About Spotify Technology

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.