Retirement Systems of Alabama Takes $27.64 Million Position in Spotify Technology (NYSE:SPOT)

Retirement Systems of Alabama purchased a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 50,255 shares of the company's stock, valued at approximately $27,642,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mpwm Advisory Solutions LLC purchased a new position in shares of Spotify Technology in the 4th quarter worth $26,000. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology in the 4th quarter valued at about $27,000. Copia Wealth Management purchased a new position in Spotify Technology in the fourth quarter worth about $29,000. North Star Investment Management Corp. increased its stake in Spotify Technology by 52.8% during the first 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 last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. raised its position in Spotify Technology by 209.1% during the first 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 period. 84.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SPOT has been the subject of a number of recent research reports. Evercore ISI lifted their target price on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a report on Monday, June 16th. Pivotal Research lifted their price objective on shares of Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research note on Tuesday. Canaccord Genuity Group reiterated a "buy" rating on shares of Spotify Technology in a research report on Friday, June 6th. Guggenheim reissued a "buy" rating on shares of Spotify Technology in a research note on Friday, June 6th. Finally, Rosenblatt Securities dropped their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research note on Wednesday, April 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $630.28.

Spotify Technology Trading Down 0.4%

Shares of Spotify Technology stock traded down $2.55 during trading on Friday, hitting $707.64. 1,528,129 shares of the stock traded hands, compared to its average volume of 2,209,787. The stock's fifty day simple moving average is $646.29 and its 200 day simple moving average is $574.67. The firm has a market cap of $144.86 billion, a P/E ratio of 117.35, a price-to-earnings-growth ratio of 1.85 and a beta of 1.68. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $728.80.

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