Public Employees Retirement System of Ohio Takes $49.50 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Public Employees Retirement System of Ohio purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 134,318 shares of the company’s stock, valued at approximately $49,500,000. Public Employees Retirement System of Ohio owned about 0.07% of Spotify Technology at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of SPOT. Transcendent Capital Group LLC purchased a new position in shares of Spotify Technology during the 2nd quarter worth $25,000. Benjamin Edwards Inc. raised its stake in Spotify Technology by 214.8% during the second quarter. Benjamin Edwards Inc. now owns 85 shares of the company’s stock worth $27,000 after purchasing an additional 58 shares during the period. Larson Financial Group LLC grew its stake in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the period. Mather Group LLC. increased its holdings in shares of Spotify Technology by 9,900.0% during the 2nd quarter. Mather Group LLC. now owns 100 shares of the company’s stock worth $31,000 after buying an additional 99 shares during the last quarter. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter valued at approximately $40,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SPOT. The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $430.00 to $490.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Macquarie boosted their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Barclays increased their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Phillip Securities reissued an “accumulate” rating and issued a $485.00 target price (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group raised their price target on Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $429.96.

Spotify Technology Stock Up 1.0 %

Shares of NYSE:SPOT opened at $498.63 on Monday. Spotify Technology S.A. has a fifty-two week low of $185.37 and a fifty-two week high of $506.47. The firm’s 50-day simple moving average is $416.02 and its 200-day simple moving average is $357.72. The company has a market cap of $99.25 billion, a price-to-earnings ratio of 135.50 and a beta of 1.61.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same period in the prior year, the business earned $0.36 earnings per share. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. On average, research analysts forecast that Spotify Technology S.A. will post 6.02 EPS for the current year.

Spotify Technology Company 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.