KLP Kapitalforvaltning AS Grows Stake in Spotify Technology $SPOT

Key Points

• KLP Kapitalforvaltning AS increased its stake in Spotify Technology by 3.4%, acquiring an additional 4,400 shares during the second quarter, bringing its total ownership to about $104 million.
• Multiple institutional investors, including Goldman Sachs, Jennison Associates, and others, have significantly increased their holdings in Spotify, indicating strong institutional interest in the company.
• Equities analysts have varied opinions on Spotify, with price targets ranging from $652 to $850, while the stock currently holds an average rating of "Moderate Buy".

KLP Kapitalforvaltning AS grew its position in Spotify Technology (NYSE:SPOT - Free Report) by 3.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 135,700 shares of the company's stock after purchasing an additional 4,400 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.07% of Spotify Technology worth $104,128,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Jennison Associates LLC grew its holdings in Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock worth $2,336,494,000 after purchasing an additional 1,262,614 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Spotify Technology by 3.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock worth $1,939,949,000 after purchasing an additional 112,553 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Spotify Technology by 1,151.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock worth $957,494,000 after purchasing an additional 1,601,653 shares during the last quarter. Northern Trust Corp grew its holdings in Spotify Technology by 10.3% in the first quarter. Northern Trust Corp now owns 1,574,482 shares of the company's stock worth $866,012,000 after purchasing an additional 147,580 shares during the last quarter. Finally, Forsta AP Fonden grew its holdings in Spotify Technology by 12.6% in the first quarter. Forsta AP Fonden now owns 1,559,652 shares of the company's stock worth $857,855,000 after purchasing an additional 174,700 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $679.00 price target on shares of Spotify Technology in a report on Wednesday, October 1st. Morgan Stanley dropped their price objective on shares of Spotify Technology from $850.00 to $800.00 and set an "overweight" rating on the stock in a report on Wednesday, July 30th. The Goldman Sachs Group lowered shares of Spotify Technology from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $765.00 to $770.00 in a report on Tuesday, September 30th. DZ Bank raised shares of Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective on the stock in a report on Wednesday, July 30th. Finally, Citigroup boosted their price objective on shares of Spotify Technology from $715.00 to $750.00 and gave the company a "neutral" rating in a report on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $731.16.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $680.28 on Tuesday. The firm has a 50-day simple moving average of $695.42 and a two-hundred day simple moving average of $665.91. The company has a market cap of $139.26 billion, a P/E ratio of 165.12, a price-to-earnings-growth ratio of 3.22 and a beta of 1.67. Spotify Technology has a fifty-two week low of $362.31 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). Spotify Technology had a return on equity of 13.67% and a net margin of 4.76%.The firm had revenue of $4.94 billion during the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the company posted $1.33 EPS. The company's revenue was up 10.1% on a year-over-year basis. Spotify Technology has set its Q3 2025 guidance at EPS. Equities research analysts forecast that Spotify Technology will post 10.3 EPS for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.