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

California Public Employees Retirement System boosted its position in shares of Spotify Technology (NYSE:SPOT) by 9.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 269,787 shares of the company’s stock after acquiring an additional 22,630 shares during the quarter. California Public Employees Retirement System owned 0.13% of Spotify Technology worth $207,018,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Knuff & Co LLC bought a new stake in shares of Spotify Technology in the 2nd quarter valued at about $27,000. Sound Income Strategies LLC grew its holdings in Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after purchasing an additional 25 shares during the period. GFG Capital LLC acquired a new position in Spotify Technology during the second quarter worth approximately $33,000. Truvestments Capital LLC bought a new stake in Spotify Technology in the first quarter valued at approximately $34,000. Finally, Avion Wealth bought a new stake in Spotify Technology in the second quarter valued at approximately $38,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on SPOT shares. BNP Paribas Exane began coverage on Spotify Technology in a research note on Tuesday, September 16th. They set an “outperform” rating and a $900.00 target price for the company. Erste Group Bank downgraded Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday. Citigroup upped their price objective on shares of Spotify Technology from $715.00 to $750.00 and gave the company a “neutral” rating in a report on Tuesday, September 9th. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research report on Monday, November 10th. Finally, Cantor Fitzgerald raised their target price on shares of Spotify Technology from $640.00 to $675.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and nine have given 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 Stock Performance

SPOT opened at $565.62 on Monday. Spotify Technology has a fifty-two week low of $443.21 and a fifty-two week high of $785.00. The company has a market capitalization of $116.46 billion, a P/E ratio of 88.93, a P/E/G ratio of 1.87 and a beta of 1.66. The stock has a fifty day moving average of $642.44 and a 200-day moving average of $679.58.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the prior year, the company posted $1.45 earnings per share. Spotify Technology’s revenue was up 7.1% compared to the same quarter last year. On average, equities research analysts predict that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

About Spotify Technology

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.