State of Michigan Retirement System Sells 15,000 Shares of Spotify Technology (NYSE:SPOT)

State of Michigan Retirement System decreased its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 20.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,031 shares of the company's stock after selling 15,000 shares during the quarter. State of Michigan Retirement System's holdings in Spotify Technology were worth $33,019,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

SPOT has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted 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. Pivotal Research lifted their target price on Spotify Technology from $800.00 to $900.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Cantor Fitzgerald raised their price target on Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. FBN Securities assumed coverage on shares of Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price objective for the company. Finally, Robert W. Baird increased their price objective on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $701.31.

Spotify Technology Stock Performance

Shares of NYSE SPOT traded down $1.13 during mid-day trading on Friday, reaching $708.82. The company had a trading volume of 1,267,406 shares, compared to its average volume of 2,222,043. The firm has a market cap of $145.10 billion, a price-to-earnings ratio of 117.55, a PEG ratio of 1.87 and a beta of 1.68. The business's 50-day simple moving average is $689.79 and its 200 day simple moving average is $601.90. Spotify Technology has a one year low of $288.07 and a one year high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its 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 firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the prior year, the business earned $0.97 earnings per share. Spotify Technology's quarterly revenue was up 15.2% compared to the same quarter last year. On average, sell-side analysts anticipate 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.