New York State Common Retirement Fund Buys 31,320 Shares of Spotify Technology $SPOT

New York State Common Retirement Fund increased its stake in shares of Spotify Technology (NYSE:SPOT) by 14.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 255,139 shares of the company’s stock after buying an additional 31,320 shares during the quarter. New York State Common Retirement Fund owned 0.12% of Spotify Technology worth $178,087,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of SPOT. Helios Capital Management PTE. Ltd. boosted its position in Spotify Technology by 56.3% in the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after purchasing an additional 2,700 shares during the last quarter. Generali Asset Management SPA SGR raised its stake in shares of Spotify Technology by 30.9% during the 3rd quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after purchasing an additional 16,054 shares during the period. Cynosure Group LLC bought a new stake in shares of Spotify Technology during the 3rd quarter worth $2,862,000. Ownership Capital B.V. purchased a new position in shares of Spotify Technology in the 3rd quarter worth about $2,769,000. Finally, Commonwealth Equity Services LLC grew its position in Spotify Technology by 12.2% during the third quarter. Commonwealth Equity Services LLC now owns 18,676 shares of the company’s stock valued at $13,036,000 after buying an additional 2,032 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SPOT shares. Phillip Securities upgraded shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a research note on Monday, November 10th. Citizens Jmp began coverage on shares of Spotify Technology in a report on Wednesday, December 17th. They issued a “market outperform” rating and a $800.00 price target on the stock. Erste Group Bank lowered Spotify Technology from a “buy” rating to a “hold” rating in a report on Friday, December 5th. Pivotal Research decreased their target price on Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Spotify Technology in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $730.94.

Spotify Technology Price Performance

Shares of SPOT stock opened at $509.25 on Thursday. The company’s fifty day simple moving average is $562.22 and its two-hundred day simple moving average is $639.98. Spotify Technology has a 1 year low of $475.01 and a 1 year high of $785.00. The stock has a market capitalization of $104.85 billion, a price-to-earnings ratio of 80.07, a PEG ratio of 0.98 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $1.96. The firm had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period last year, the company earned $1.45 earnings per share. Equities research analysts anticipate 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.