Board of the Pension Protection Fund Purchases Shares of 2,200 Spotify Technology (NYSE:SPOT)

Board of the Pension Protection Fund acquired a new position in shares of Spotify Technology (NYSE:SPOT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,200 shares of the company's stock, valued at approximately $1,210,000. Spotify Technology makes up about 1.4% of Board of the Pension Protection Fund's investment portfolio, making the stock its 5th biggest position.

Other institutional investors also recently modified their holdings of the company. Mpwm Advisory Solutions LLC purchased a new stake in Spotify Technology during the fourth quarter valued at about $26,000. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the 4th quarter valued at about $27,000. Copia Wealth Management bought a new position in shares of Spotify Technology during the 4th quarter valued at about $29,000. North Star Investment Management Corp. raised its holdings in shares of Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after buying an additional 19 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. lifted its position in Spotify Technology by 209.1% in the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock worth $37,000 after buying an additional 46 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SPOT shares. Phillip Securities upgraded shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. Sanford C. Bernstein upgraded shares of Spotify Technology to a "strong-buy" rating in a research report on Tuesday, June 3rd. Bank of America boosted their price target on shares of Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research note on Thursday. 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 price objective on the stock. Finally, Guggenheim boosted their target price on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $647.52.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $775.84 on Friday. The firm has a market capitalization of $158.82 billion, a P/E ratio of 128.66, a P/E/G ratio of 1.93 and a beta of 1.68. The stock has a 50 day moving average price of $661.04 and a 200-day moving average price of $581.19. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $781.20.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. Spotify Technology's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.97 earnings per share. On average, equities analysts forecast that Spotify Technology will post 10.3 EPS for the current fiscal year.

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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