Spotify Technology $SPOT Shares Sold by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio reduced its Spotify stake by 28.5% in the first quarter, selling 34,956 shares and leaving it with 87,662 shares worth about $42.5 million.
• Spotify insiders have been selling shares as well, including Director Christopher P. Marshall and CEO Alex Norstrom; insiders sold a total of 111,442 shares over the last three months.
• Spotify’s fundamentals and analyst sentiment remain solid, with the company recently beating earnings expectations and Wall Street maintaining a generally bullish view, including an average target price of about $630.70.

Public Employees Retirement System of Ohio trimmed its position in Spotify Technology (NYSE:SPOT - Free Report) by 28.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 87,662 shares of the company's stock after selling 34,956 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Spotify Technology were worth $42,508,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quadcap Wealth Management LLC increased its stake in Spotify Technology by 5.7% during the third quarter. Quadcap Wealth Management LLC now owns 295 shares of the company's stock valued at $206,000 after purchasing an additional 16 shares during the last quarter. Objectivity Squared LLC lifted its position in shares of Spotify Technology by 0.8% in the 4th quarter. Objectivity Squared LLC now owns 2,582 shares of the company's stock worth $1,499,000 after buying an additional 20 shares during the last quarter. Greenleaf Trust lifted its position in shares of Spotify Technology by 5.8% in the 4th quarter. Greenleaf Trust now owns 455 shares of the company's stock worth $264,000 after buying an additional 25 shares during the last quarter. Condor Capital Management lifted its position in shares of Spotify Technology by 2.6% in the 4th quarter. Condor Capital Management now owns 990 shares of the company's stock worth $575,000 after buying an additional 25 shares during the last quarter. Finally, Brookstone Capital Management boosted its holdings in shares of Spotify Technology by 1.6% in the 4th quarter. Brookstone Capital Management now owns 1,698 shares of the company's stock valued at $986,000 after buying an additional 27 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the sale, the director owned 4,039 shares of the company's stock, valued at approximately $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Alex Norstrom sold 5,436 shares of Spotify Technology stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $480.86, for a total value of $2,613,954.96. Following the sale, the chief executive officer directly owned 67,582 shares in the company, valued at approximately $32,497,480.52. This trade represents a 7.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 111,442 shares of company stock worth $54,757,553 over the last three months. Insiders own 0.40% of the company's stock.

Spotify Technology Stock Performance

Shares of SPOT opened at $483.27 on Friday. The firm has a fifty day moving average of $481.62 and a 200-day moving average of $488.36. The company has a market cap of $99.50 billion, a price-to-earnings ratio of 38.51, a price-to-earnings-growth ratio of 1.16 and a beta of 1.56. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $748.30.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share for the quarter, topping analysts' consensus estimates of $3.41 by $0.63. Spotify Technology had a net margin of 15.56% and a return on equity of 35.73%. The business had revenue of $5.25 billion for the quarter, compared to analysts' expectations of $5.23 billion. During the same quarter last year, the company earned $1.07 EPS. The company's revenue for the quarter was up 8.2% compared to the same quarter last year. Analysts predict that Spotify Technology will post 14.51 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $600.00 to $650.00 and gave the company an "overweight" rating in a research report on Friday, May 22nd. Benchmark cut their target price on shares of Spotify Technology from $695.00 to $650.00 and set a "buy" rating on the stock in a report on Wednesday. UBS Group decreased their target price on Spotify Technology from $735.00 to $690.00 and set a "buy" rating for the company in a research note on Friday, July 10th. KeyCorp lowered their target price on Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a report on Wednesday, April 29th. Finally, Cantor Fitzgerald increased their price target on Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $630.70.

Trending Headlines about Spotify Technology

Here are the key news stories impacting Spotify Technology this week:

• Positive Sentiment: Several recent articles frame Spotify as a potentially attractive value or buy candidate compared with peers, which can support sentiment around the stock. XYZ or SPOT: Which Is the Better Value Stock Right Now?
• Positive Sentiment: Spotify is being highlighted as a trending stock with strong analyst interest, reinforcing the idea that Wall Street remains broadly constructive on the name. Is It Worth Investing in Spotify (SPOT) Based on Wall Street's Bullish Views?
• Neutral Sentiment: Benchmark reportedly lowered its expectations for Spotify, which could temper enthusiasm but does not appear severe enough on its own to dominate trading. Benchmark Has Lowered Expectations for Spotify Technology NYSE: SPOT Stock Price
• Negative Sentiment: A report that Spotify deleted more than 500,000 fake streams tied to Malcolm Todd has raised fraud and integrity concerns, which could be viewed as a reputational headwind for the platform. EXCLUSIVE: Spotify Deleted 500,000 Fake Malcolm Todd Streams. A Former SEC Lawyer Says the Bots May Have Committed a Federal Crime

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.

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