Caisse DE Depot ET Placement DU Quebec Takes $58.17 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Caisse DE Depot ET Placement DU Quebec purchased a new position in Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 130,021 shares of the company's stock, valued at approximately $58,169,000. Caisse DE Depot ET Placement DU Quebec owned 0.07% of Spotify Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Jennison Associates LLC bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. GQG Partners LLC purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $800,725,000. Forsta AP Fonden bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $619,600,000. Geode Capital Management LLC grew its stake in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after buying an additional 1,259,183 shares during the last quarter. Finally, Norges Bank bought a new position in Spotify Technology during the 4th quarter valued at approximately $396,028,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Morgan Stanley lifted their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. FBN Securities began coverage on Spotify Technology in a research note on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price on the stock. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective on the stock in a research report on Monday, April 21st. Citigroup boosted their target price on Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Finally, UBS Group reduced their price target on shares of Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Eight investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $604.76.

Spotify Technology Stock Performance

NYSE SPOT traded down $6.51 on Monday, reaching $637.49. 1,718,497 shares of the stock traded hands, compared to its average volume of 2,162,954. Spotify Technology S.A. has a 12 month low of $286.21 and a 12 month high of $653.32. The company has a fifty day moving average price of $570.40 and a 200-day moving average price of $516.62. The company has a market cap of $130.50 billion, a price-to-earnings ratio of 107.14 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The business had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the business posted $0.97 EPS. The company's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, research analysts anticipate that Spotify Technology S.A. will post 10.3 earnings per share for the current fiscal 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.