TIAA Trust National Association Has $6.97 Million Holdings in Spotify Technology $SPOT

Key Points

• TIAA Trust National Association cut its Spotify Technology stake by 43.3% in the fourth quarter, leaving it with 11,995 shares worth about $6.97 million.
• Spotify insiders have been selling shares, including CEO Gustav Soderstrom and Director Christopher P. Marshall; insiders sold a total of 111,442 shares worth $54.6 million in the last quarter.
• Spotify shares were trading around $496.56 after the company beat quarterly earnings expectations, reporting $4.04 EPS on revenue of $5.25 billion, while analysts still rate the stock a Moderate Buy with an average target price of $655.92.

TIAA Trust National Association lessened its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 43.3% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 11,995 shares of the company's stock after selling 9,169 shares during the quarter. TIAA Trust National Association's holdings in Spotify Technology were worth $6,966,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quadcap Wealth Management LLC increased its position in Spotify Technology by 5.7% during the 3rd 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 period. Sagespring Wealth Partners LLC increased its position in Spotify Technology by 2.9% during the 4th quarter. Sagespring Wealth Partners LLC now owns 636 shares of the company's stock valued at $370,000 after purchasing an additional 18 shares during the period. Ameritas Advisory Services LLC increased its position in Spotify Technology by 7.9% during the 3rd quarter. Ameritas Advisory Services LLC now owns 260 shares of the company's stock valued at $181,000 after purchasing an additional 19 shares during the period. Aprio Wealth Management LLC increased its position in Spotify Technology by 3.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 633 shares of the company's stock valued at $442,000 after purchasing an additional 19 shares during the period. Finally, Petra Financial Advisors Inc. grew its position in shares of Spotify Technology by 1.2% during the 3rd quarter. Petra Financial Advisors Inc. now owns 1,639 shares of the company's stock worth $1,144,000 after buying an additional 20 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Insiders Place Their Bets

In related news, CEO Gustav Soderstrom sold 20,833 shares of Spotify Technology stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $496.52, for a total value of $10,344,001.16. Following the completion of the sale, the chief executive officer owned 20,376 shares of the company's stock, valued at approximately $10,117,091.52. This trade represents a 50.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director directly 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 position. The SEC filing for this sale provides additional information. Insiders have sold a total of 111,442 shares of company stock worth $54,647,508 in the last quarter. Insiders own 0.40% of the company's stock.

Spotify Technology Stock Down 1.3%

Shares of SPOT stock opened at $496.56 on Wednesday. The firm has a 50 day moving average of $481.98 and a 200-day moving average of $512.39. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00. The company has a market cap of $102.23 billion, a price-to-earnings ratio of 39.57, a price-to-earnings-growth ratio of 1.23 and a beta of 1.56.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.23 billion. During the same quarter last year, the firm posted $1.07 EPS. Spotify Technology's revenue was up 8.2% compared to the same quarter last year. Analysts anticipate that Spotify Technology will post 14.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SPOT shares. Daiwa Securities Group started coverage on shares of Spotify Technology in a research report on Thursday, March 26th. They set an "outperform" rating and a $535.00 price objective for the company. Arete Research raised shares of Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price objective for the company in a research report on Thursday, February 26th. Cantor Fitzgerald raised their price objective on shares of Spotify Technology from $430.00 to $520.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 26th. KeyCorp reduced their price objective on shares of Spotify Technology from $745.00 to $680.00 and set an "overweight" rating for the company in a research report on Wednesday, April 29th. Finally, Rosenblatt Securities raised their price objective on shares of Spotify Technology from $500.00 to $534.00 and gave the stock a "neutral" rating in a research report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $655.92.

About Spotify Technology

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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