California Public Employees Retirement System Decreases Stake in Spotify Technology S.A. (NYSE:SPOT)

California Public Employees Retirement System lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 0.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 261,420 shares of the company’s stock after selling 90 shares during the period. California Public Employees Retirement System’s holdings in Spotify Technology were worth $49,123,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SPOT. Wellington Management Group LLP raised its holdings in shares of Spotify Technology by 61.7% in the third quarter. Wellington Management Group LLP now owns 2,970,540 shares of the company’s stock worth $459,364,000 after buying an additional 1,133,305 shares during the last quarter. Schroder Investment Management Group raised its holdings in shares of Spotify Technology by 303.4% during the third quarter. Schroder Investment Management Group now owns 1,315,289 shares of the company’s stock worth $203,396,000 after purchasing an additional 989,243 shares during the last quarter. Artisan Partners Limited Partnership raised its holdings in shares of Spotify Technology by 194.7% during the third quarter. Artisan Partners Limited Partnership now owns 1,123,078 shares of the company’s stock worth $173,673,000 after purchasing an additional 741,955 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Spotify Technology by 16.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,699,008 shares of the company’s stock worth $572,015,000 after purchasing an additional 523,237 shares during the last quarter. Finally, Citigroup Inc. raised its holdings in shares of Spotify Technology by 1,037.4% during the third quarter. Citigroup Inc. now owns 386,191 shares of the company’s stock worth $59,721,000 after purchasing an additional 352,237 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Spotify Technology stock opened at $289.20 on Friday. The firm has a 50 day simple moving average of $270.61 and a 200-day simple moving average of $217.74. Spotify Technology S.A. has a 1-year low of $128.67 and a 1-year high of $319.30. The stock has a market cap of $57.36 billion, a price-to-earnings ratio of -431.64 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.42. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.39%. The business had revenue of $3.95 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same quarter in the prior year, the company posted ($1.24) EPS. Equities analysts expect that Spotify Technology S.A. will post 3.97 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent research reports. Guggenheim raised their target price on shares of Spotify Technology from $290.00 to $350.00 and gave the stock a “buy” rating in a report on Wednesday. DZ Bank raised shares of Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective for the company in a report on Wednesday, February 7th. Pivotal Research upped their price objective on shares of Spotify Technology from $390.00 to $400.00 and gave the stock a “buy” rating in a research report on Tuesday. KeyCorp upped their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Finally, Loop Capital upped their price objective on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research report on Monday. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $301.81.

Spotify Technology 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.