Vestcor Inc Boosts Stock Position in Spotify Technology $SPOT

Vestcor Inc raised its holdings in Spotify Technology (NYSE:SPOT) by 41.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,743 shares of the company’s stock after acquiring an additional 2,265 shares during the quarter. Vestcor Inc’s holdings in Spotify Technology were worth $5,405,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Knuff & Co LLC purchased a new stake in shares of Spotify Technology during the second quarter valued at $27,000. Total Investment Management Inc. purchased a new position in Spotify Technology in the 2nd quarter worth about $29,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter worth about $27,000. Greykasell Wealth Strategies Inc. lifted its holdings in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after buying an additional 38 shares in the last quarter. Finally, Westfuller Advisors LLC purchased a new stake in Spotify Technology in the 3rd quarter valued at about $29,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SPOT shares. Cantor Fitzgerald dropped their target price on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Weiss Ratings downgraded shares of Spotify Technology from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, February 26th. Arete Research upgraded Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target for the company in a report on Thursday, February 26th. UBS Group dropped their price objective on Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research note on Friday, January 9th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $698.91.

Spotify Technology Stock Down 3.5%

Shares of NYSE:SPOT opened at $545.47 on Tuesday. The firm has a 50 day moving average of $507.23 and a 200 day moving average of $599.66. The company has a market capitalization of $112.30 billion, a price-to-earnings ratio of 56.58, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the firm earned $1.88 EPS. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Company 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.