State of Alaska Department of Revenue Acquires 4,730 Shares of Spotify Technology S.A. (NYSE:SPOT)

State of Alaska Department of Revenue lifted its holdings in Spotify Technology S.A. (NYSE:SPOTGet Rating) by 17.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 31,184 shares of the company’s stock after purchasing an additional 4,730 shares during the period. State of Alaska Department of Revenue’s holdings in Spotify Technology were worth $2,925,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Baillie Gifford & Co. increased its holdings in Spotify Technology by 4.9% in the 1st quarter. Baillie Gifford & Co. now owns 23,228,574 shares of the company’s stock worth $3,507,980,000 after acquiring an additional 1,091,672 shares in the last quarter. ARK Investment Management LLC increased its holdings in Spotify Technology by 9.3% in the 1st quarter. ARK Investment Management LLC now owns 4,388,330 shares of the company’s stock worth $662,726,000 after acquiring an additional 373,446 shares in the last quarter. BlackRock Inc. grew its holdings in Spotify Technology by 6.3% during the 1st quarter. BlackRock Inc. now owns 4,046,153 shares of the company’s stock valued at $611,049,000 after buying an additional 241,026 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Spotify Technology during the 1st quarter valued at approximately $321,888,000. Finally, Nikko Asset Management Americas Inc. grew its holdings in Spotify Technology by 11.0% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 2,097,799 shares of the company’s stock valued at $318,865,000 after buying an additional 207,260 shares in the last quarter. 55.32% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 3.1 %

Shares of NYSE:SPOT opened at $92.45 on Friday. The company has a market capitalization of $17.59 billion, a price-to-earnings ratio of -66.51 and a beta of 1.81. Spotify Technology S.A. has a 12 month low of $89.03 and a 12 month high of $305.60. The firm’s 50-day moving average is $110.19 and its 200 day moving average is $114.81.

Spotify Technology (NYSE:SPOTGet Rating) last issued its earnings results on Wednesday, July 27th. The company reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.23). The company had revenue of $2.86 billion during the quarter, compared to the consensus estimate of $2.82 billion. Spotify Technology had a negative return on equity of 1.15% and a negative net margin of 0.24%. Spotify Technology’s revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.23) earnings per share. As a group, equities analysts forecast that Spotify Technology S.A. will post -2.03 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Morgan Stanley cut their price objective on shares of Spotify Technology from $170.00 to $140.00 and set an “overweight” rating for the company in a report on Monday, July 25th. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $118.00 to $112.00 and set a “neutral” rating for the company in a report on Wednesday, September 7th. Citigroup cut their price objective on shares of Spotify Technology from $150.00 to $145.00 and set a “buy” rating for the company in a report on Thursday, July 28th. Wells Fargo & Company raised shares of Spotify Technology from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $101.00 to $124.00 in a report on Wednesday, June 15th. Finally, Bank of America raised their target price on shares of Spotify Technology from $137.00 to $164.00 and gave the company a “buy” rating in a report on Thursday, June 9th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Hold” and an average price target of $183.42.

Spotify Technology Profile

(Get Rating)

Spotify Technology SA, together with its subsidiaries, provides audio streaming services worldwide. It operates through Premium and Ad-Supported segments. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.

Further Reading

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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