Spotify Technology $SPOT Holdings Raised by California Public Employees Retirement System

California Public Employees Retirement System increased its stake in Spotify Technology (NYSE:SPOT) by 2.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 276,651 shares of the company’s stock after buying an additional 6,864 shares during the quarter. California Public Employees Retirement System’s holdings in Spotify Technology were worth $193,102,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of SPOT. State Street Corp raised its position in shares of Spotify Technology by 1.7% during the 2nd quarter. State Street Corp now owns 4,574,228 shares of the company’s stock worth $3,509,988,000 after buying an additional 74,256 shares in the last quarter. Capital World Investors boosted its holdings in shares of Spotify Technology by 40.7% in the third quarter. Capital World Investors now owns 2,730,713 shares of the company’s stock valued at $1,906,260,000 after acquiring an additional 789,755 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Spotify Technology by 4.6% during the third quarter. Fisher Asset Management LLC now owns 2,602,625 shares of the company’s stock valued at $1,816,632,000 after acquiring an additional 113,612 shares during the period. Sands Capital Management LLC increased its stake in shares of Spotify Technology by 14.2% during the third quarter. Sands Capital Management LLC now owns 1,547,640 shares of the company’s stock valued at $1,080,253,000 after acquiring an additional 192,837 shares during the period. Finally, Invesco Ltd. raised its holdings in Spotify Technology by 17.3% during the second quarter. Invesco Ltd. now owns 1,454,383 shares of the company’s stock worth $1,116,007,000 after purchasing an additional 214,355 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SPOT. Sanford C. Bernstein lowered their price target on Spotify Technology from $830.00 to $650.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 14th. Guggenheim decreased their target price on Spotify Technology from $720.00 to $600.00 and set a “buy” rating for the company in a research note on Tuesday, February 24th. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. KeyCorp cut their price target on shares of Spotify Technology from $830.00 to $720.00 and set an “overweight” rating for the company in a report on Monday, February 9th. Finally, Cantor Fitzgerald reduced their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating for the company in a research report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Spotify Technology has an average rating of “Moderate Buy” and a consensus target price of $703.87.

Spotify Technology Stock Up 1.3%

Shares of NYSE SPOT opened at $516.14 on Monday. The stock has a market capitalization of $106.26 billion, a price-to-earnings ratio of 53.54, a PEG ratio of 1.13 and a beta of 1.66. The stock’s fifty day simple moving average is $502.35 and its 200 day simple moving average is $594.68. Spotify Technology has a 52-week low of $405.00 and a 52-week high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the firm earned $1.88 earnings per share. Spotify Technology’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology will post 10.3 earnings per share for the current year.

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.