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

California Public Employees Retirement System lifted its position in shares of Spotify Technology (NYSE:SPOT) by 2.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 276,651 shares of the company’s stock after acquiring an additional 6,864 shares during the period. California Public Employees Retirement System owned about 0.13% of Spotify Technology worth $193,102,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in SPOT. Knuff & Co LLC bought a new stake in Spotify Technology during the second quarter valued at $27,000. Heartwood Wealth Advisors LLC bought a new position in shares of Spotify Technology in the 3rd quarter worth about $27,000. Greykasell Wealth Strategies Inc. lifted its position in shares of Spotify Technology by 3,800.0% in the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock worth $27,000 after buying an additional 38 shares during the last quarter. Total Investment Management Inc. acquired a new position in shares of Spotify Technology in the 2nd quarter valued at about $29,000. Finally, Westfuller Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at about $29,000. 84.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Moffett Nathanson assumed coverage on shares of Spotify Technology in a research note on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price objective on the stock. Citigroup raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 target price for the company in a report on Friday, January 30th. KeyCorp dropped their price target on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a research report on Monday, February 9th. Weiss Ratings downgraded Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, February 26th. Finally, Benchmark reduced their price objective on Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $703.87.

Spotify Technology Trading Up 1.3%

SPOT opened at $516.14 on Monday. The business’s 50 day moving average is $502.35 and its 200-day moving average is $594.68. The stock has a market cap of $106.26 billion, a PE ratio of 53.54, a price-to-earnings-growth ratio of 1.13 and a beta of 1.66. Spotify Technology has a twelve month low of $405.00 and a twelve month high of $785.00.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data 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 business had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the company posted $1.88 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, analysts forecast that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Profile

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.