New York State Common Retirement Fund Increases Stock Holdings in Spotify Technology $SPOT

New York State Common Retirement Fund boosted its position in shares of Spotify Technology (NYSE:SPOT) by 14.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 255,139 shares of the company’s stock after purchasing an additional 31,320 shares during the period. New York State Common Retirement Fund’s holdings in Spotify Technology were worth $178,087,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in Spotify Technology in the 2nd quarter worth approximately $768,915,000. Fisher Asset Management LLC increased its holdings in shares of Spotify Technology by 22.7% in the second quarter. Fisher Asset Management LLC now owns 2,489,013 shares of the company’s stock worth $1,909,920,000 after purchasing an additional 460,115 shares during the period. Bessemer Group Inc. raised its position in shares of Spotify Technology by 215.3% in the second quarter. Bessemer Group Inc. now owns 505,329 shares of the company’s stock worth $387,758,000 after buying an additional 345,048 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Spotify Technology by 41.8% in the second quarter. Franklin Resources Inc. now owns 1,131,099 shares of the company’s stock worth $867,937,000 after buying an additional 333,537 shares in the last quarter. Finally, Brown Advisory Inc. boosted its stake in Spotify Technology by 931.2% during the second quarter. Brown Advisory Inc. now owns 362,853 shares of the company’s stock valued at $278,456,000 after buying an additional 327,667 shares during the period. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

SPOT has been the topic of a number of research analyst reports. Sanford C. Bernstein decreased their target price on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 14th. Wells Fargo & Company cut their price objective on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, January 13th. Cantor Fitzgerald lowered their target price on shares of Spotify Technology from $675.00 to $615.00 and set a “neutral” rating on the stock in a research note on Thursday, January 8th. Guggenheim dropped their target price on shares of Spotify Technology from $800.00 to $750.00 and set a “buy” rating for the company in a research report on Thursday, January 8th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Spotify Technology in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $730.94.

Spotify Technology Price Performance

Shares of SPOT opened at $509.25 on Thursday. Spotify Technology has a 1 year low of $475.01 and a 1 year high of $785.00. The stock has a 50 day simple moving average of $562.22 and a two-hundred day simple moving average of $639.98. The firm has a market cap of $104.85 billion, a P/E ratio of 80.07, a P/E/G ratio of 0.98 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The firm had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same period in the previous year, the business posted $1.45 EPS. The business’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

Spotify Technology Company 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.