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

California Public Employees Retirement System reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 0.0% in the fourth quarter, according to the company in its most recent filing with the Securities & 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 owned about 0.13% of Spotify Technology worth $49,123,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Lindbrook Capital LLC raised its holdings in Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock worth $39,000 after acquiring an additional 50 shares during the last quarter. Signaturefd LLC raised its holdings in Spotify Technology by 4.4% in the 4th quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock worth $230,000 after acquiring an additional 51 shares during the last quarter. Private Trust Co. NA raised its holdings in Spotify Technology by 18.4% in the 4th quarter. Private Trust Co. NA now owns 367 shares of the company’s stock worth $69,000 after acquiring an additional 57 shares during the last quarter. Ieq Capital LLC raised its holdings in Spotify Technology by 0.3% in the 3rd quarter. Ieq Capital LLC now owns 24,540 shares of the company’s stock worth $3,795,000 after acquiring an additional 85 shares during the last quarter. Finally, Slow Capital Inc. raised its holdings in Spotify Technology by 0.5% in the 4th quarter. Slow Capital Inc. now owns 18,487 shares of the company’s stock worth $3,474,000 after acquiring an additional 94 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the subject of a number of recent analyst reports. Piper Sandler restated a “neutral” rating and issued a $320.00 price objective (up from $300.00) on shares of Spotify Technology in a report on Wednesday. Raymond James boosted their target price on shares of Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research note on Monday, April 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $315.00 to $330.00 and gave the company a “buy” rating in a research note on Monday. Finally, UBS Group boosted their target price on shares of Spotify Technology from $274.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, April 5th. Eight investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $301.81.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $289.20 on Friday. The company has a market capitalization of $57.36 billion, a P/E ratio of -431.64 and a beta of 1.63. The company has a fifty day moving average of $270.61 and a 200 day moving average of $217.74. Spotify Technology S.A. has a fifty-two week low of $128.67 and a fifty-two week high of $319.30.

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

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.