Employees Retirement System of Texas Sells 9,079 Shares of Spotify Technology S.A. (NYSE:SPOT)

Employees Retirement System of Texas lowered its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 73.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,246 shares of the company's stock after selling 9,079 shares during the period. Employees Retirement System of Texas' holdings in Spotify Technology were worth $1,452,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Mpwm Advisory Solutions LLC bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $26,000. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology in the fourth quarter worth $27,000. Quent Capital LLC boosted its holdings in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after acquiring an additional 57 shares in the last quarter. Noble Wealth Management PBC purchased a new position in Spotify Technology during the 4th quarter valued at $52,000. Finally, Colonial Trust Co SC raised its holdings in Spotify Technology by 1,009.1% in the 4th quarter. Colonial Trust Co SC now owns 122 shares of the company's stock worth $55,000 after purchasing an additional 111 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SPOT. Barclays cut their target price on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 30th. Redburn Atlantic assumed coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective on the stock. Morgan Stanley upped their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. Benchmark raised their target price on Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Finally, UBS Group dropped their price target on Spotify Technology from $690.00 to $680.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $609.07.

Spotify Technology Price Performance

NYSE SPOT traded up $30.47 during trading hours on Friday, hitting $667.14. The company's stock had a trading volume of 3,165,658 shares, compared to its average volume of 2,224,578. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $671.24. The company's 50 day simple moving average is $599.93 and its two-hundred day simple moving average is $550.38. The company has a market cap of $136.57 billion, a P/E ratio of 112.12 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly 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). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same period in the previous year, the business earned $0.97 EPS. The business's revenue was up 15.2% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal year.

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.