California Public Employees Retirement System Has $207.02 Million Stock Holdings in Spotify Technology $SPOT

California Public Employees Retirement System grew its stake in shares of Spotify Technology (NYSE:SPOT) by 9.2% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 269,787 shares of the company’s stock after acquiring an additional 22,630 shares during the quarter. California Public Employees Retirement System’s holdings in Spotify Technology were worth $207,018,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Knuff & Co LLC acquired a new stake in Spotify Technology during the second quarter worth about $27,000. Sound Income Strategies LLC raised its position in shares of Spotify Technology by 156.3% in the 2nd quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock valued at $31,000 after buying an additional 25 shares in the last quarter. GFG Capital LLC bought a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $33,000. Avion Wealth acquired a new stake in shares of Spotify Technology during the 2nd quarter worth approximately $38,000. Finally, Truvestments Capital LLC bought a new position in Spotify Technology in the first quarter valued at approximately $34,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $565.62 on Monday. The business has a 50-day moving average of $642.44 and a 200-day moving average of $679.58. The company has a market capitalization of $116.46 billion, a price-to-earnings ratio of 88.93, a price-to-earnings-growth ratio of 1.87 and a beta of 1.66. Spotify Technology has a 1 year low of $443.21 and a 1 year high of $785.00.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating 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 business had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the prior year, the firm posted $1.45 EPS. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on SPOT shares. Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. BNP Paribas raised Spotify Technology to a “strong-buy” rating in a research note on Tuesday, September 16th. Erste Group Bank cut Spotify Technology from a “buy” rating to a “hold” rating in a research report on Friday. Rosenblatt Securities dropped their target price on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating for the company in a report on Wednesday, November 5th. Finally, Benchmark lifted their price target on shares of Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $758.86.

Spotify Technology Company Profile

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.