Ensign Peak Advisors Inc Increases Stake in Spotify Technology S.A. (NYSE:SPOT)

Ensign Peak Advisors Inc raised its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 136.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,021 shares of the company's stock after purchasing an additional 12,720 shares during the quarter. Ensign Peak Advisors Inc's holdings in Spotify Technology were worth $9,852,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in Spotify Technology by 11.8% in the 3rd quarter. Principal Financial Group Inc. now owns 39,578 shares of the company's stock worth $14,586,000 after acquiring an additional 4,192 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Spotify Technology by 2.4% in the 4th quarter. Harbor Capital Advisors Inc. now owns 1,398 shares of the company's stock worth $625,000 after purchasing an additional 33 shares in the last quarter. Aprio Wealth Management LLC purchased a new position in shares of Spotify Technology in the fourth quarter worth $338,000. Matrix Trust Co purchased a new position in shares of Spotify Technology in the fourth quarter worth $150,000. Finally, City Center Advisors LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at $374,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $620.25 on Tuesday. The firm has a market cap of $126.97 billion, a price-to-earnings ratio of 104.24 and a beta of 1.72. The firm has a fifty day moving average price of $576.15 and a 200 day moving average price of $527.61. Spotify Technology S.A. has a fifty-two week low of $286.21 and a fifty-two week high of $663.55.

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 return on equity of 25.56% and a net margin of 7.26%. The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the prior year, the firm posted $0.97 earnings per share. Spotify Technology's quarterly revenue was up 15.2% on a year-over-year basis. As a group, research analysts predict that Spotify Technology S.A. will post 10.3 earnings per share for the current year.

Wall Street Analyst Weigh In

SPOT has been the subject of several research analyst reports. FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective for the company. Barclays reduced their price target on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Rosenblatt Securities lowered their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 30th. KeyCorp cut their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Finally, UBS Group lowered their price target on Spotify Technology from $690.00 to $680.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $606.48.

About Spotify Technology

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.

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