Kentucky Retirement Systems Takes Position in Spotify Technology (NYSE:SPOT)

Kentucky Retirement Systems bought a new stake in shares of Spotify Technology (NYSE:SPOT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,035 shares of the company's stock, valued at approximately $5,520,000.

Other hedge funds have also recently made changes to their positions in the company. Mpwm Advisory Solutions LLC purchased a new stake in shares of Spotify Technology during the 4th quarter valued at about $26,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Spotify Technology during the 4th quarter valued at about $27,000. Copia Wealth Management purchased a new stake in shares of Spotify Technology during the 4th quarter valued at about $29,000. North Star Investment Management Corp. raised its position 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. raised its position in shares of Spotify Technology by 209.1% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 68 shares of the company's stock valued at $37,000 after buying an additional 46 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

NYSE SPOT opened at $707.64 on Monday. The firm's 50 day moving average price is $646.29 and its 200-day moving average price is $575.23. Spotify Technology has a 52-week low of $288.07 and a 52-week high of $728.80. The company has a market cap of $144.86 billion, a PE ratio of 117.35, a P/E/G ratio of 1.85 and a beta of 1.68.

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

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Cantor Fitzgerald upped their target price on shares of Spotify Technology from $610.00 to $640.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Barclays reduced their price objective on shares of Spotify Technology from $710.00 to $650.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 30th. Guggenheim reissued a "buy" rating on shares of Spotify Technology in a research report on Friday, June 6th. Redburn Atlantic started coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price objective on the stock. Finally, Phillip Securities raised shares of Spotify Technology to a "moderate sell" rating in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $630.28.

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.

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