Teacher Retirement System of Texas Has $105.70 Million Stock Holdings in Spotify Technology (NYSE:SPOT)

Teacher Retirement System of Texas increased its position in Spotify Technology (NYSE:SPOT - Free Report) by 14.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 192,175 shares of the company's stock after purchasing an additional 23,647 shares during the quarter. Teacher Retirement System of Texas owned 0.09% of Spotify Technology worth $105,702,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. New York Life Investment Management LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth $239,000. QRG Capital Management Inc. acquired a new stake in shares of Spotify Technology during the fourth quarter worth $233,000. SVB Wealth LLC acquired a new stake in shares of Spotify Technology in the 4th quarter worth about $227,000. Metis Global Partners LLC acquired a new stake in shares of Spotify Technology in the 4th quarter worth about $968,000. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Spotify Technology by 57.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 767 shares of the company's stock worth $347,000 after acquiring an additional 280 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a report on Monday, May 5th. UBS Group increased their price objective on shares of Spotify Technology from $680.00 to $895.00 and gave the stock a "buy" rating in a report on Friday, June 27th. Redburn Atlantic started coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price objective on the stock. Bank of America increased their target price on shares of Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research report on Thursday, June 26th. Finally, Sanford C. Bernstein upgraded shares of Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $660.28.

Spotify Technology Stock Up 2.0%

SPOT traded up $14.48 during trading on Friday, reaching $723.98. 1,078,903 shares of the company's stock were exchanged, compared to its average volume of 2,223,457. The company has a market capitalization of $148.20 billion, a P/E ratio of 120.06, a PEG ratio of 1.87 and a beta of 1.68. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $785.00. The business has a 50 day moving average price of $676.45 and a 200 day moving average price of $590.13.

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). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the company posted $0.97 earnings per share. Spotify Technology's revenue for the quarter was up 15.2% compared to the same quarter last year. As a group, research analysts forecast that Spotify Technology will post 10.3 EPS for the current 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.