Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board boosted its holdings in Spotify Technology S.A. (NYSE:SPOT) by 27.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 149,174 shares of the company’s stock after purchasing an additional 32,000 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.08% of Spotify Technology worth $46,809,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the first quarter worth approximately $610,040,000. Swedbank AB acquired a new stake in shares of Spotify Technology during the 1st quarter worth $198,663,000. Norges Bank purchased a new position in shares of Spotify Technology in the 4th quarter worth $92,429,000. 1832 Asset Management L.P. purchased a new position in shares of Spotify Technology in the 4th quarter worth $83,094,000. Finally, Envestnet Asset Management Inc. boosted its holdings in Spotify Technology by 327.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after acquiring an additional 299,700 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 1.4 %

SPOT stock opened at $365.17 on Friday. The firm has a fifty day moving average price of $331.49 and a two-hundred day moving average price of $307.39. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.56 and a quick ratio of 1.56. Spotify Technology S.A. has a 1-year low of $145.76 and a 1-year high of $368.29. The firm has a market cap of $72.69 billion, a price-to-earnings ratio of -545.02 and a beta of 1.57.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.82 billion. During the same quarter in the prior year, the business earned ($1.69) earnings per share. Spotify Technology’s quarterly revenue was up 19.8% on a year-over-year basis. Research analysts predict that Spotify Technology S.A. will post 6.31 EPS for the current year.

Analyst Ratings Changes

SPOT has been the topic of a number of research reports. UBS Group raised their price objective on Spotify Technology from $375.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Benchmark reaffirmed a “buy” rating and set a $405.00 price target on shares of Spotify Technology in a research report on Monday, July 22nd. Jefferies Financial Group restated a “buy” rating and set a $385.00 target price (up previously from $242.00) on shares of Spotify Technology in a report on Thursday, July 11th. DZ Bank upgraded Spotify Technology from a “hold” rating to a “buy” rating and set a $375.00 price target for the company in a report on Wednesday, July 24th. Finally, Wolfe Research assumed coverage on Spotify Technology in a research report on Friday, July 12th. They issued an “outperform” rating and a $390.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $359.14.

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.