KLP Kapitalforvaltning AS Has $72.22 Million Position in Spotify Technology (NYSE:SPOT)

KLP Kapitalforvaltning AS raised its holdings in shares of Spotify Technology (NYSE:SPOT - Free Report) by 3.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 131,300 shares of the company's stock after buying an additional 4,900 shares during the period. KLP Kapitalforvaltning AS owned about 0.06% of Spotify Technology worth $72,219,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Jennison Associates LLC lifted its position in shares of Spotify Technology by 42.3% during 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 raised its holdings in Spotify Technology by 3.3% during 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 in the last quarter. FMR LLC lifted its position in shares of Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after acquiring an additional 473,569 shares during the last quarter. Schroder Investment Management Group boosted its position in shares of Spotify Technology by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after buying an additional 7,075 shares during the period. Finally, GQG Partners LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at about $800,725,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

SPOT has been the topic of several analyst reports. The Goldman Sachs Group increased their price target on Spotify Technology from $680.00 to $775.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Loop Capital lifted their price objective on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research note on Friday, May 2nd. Barclays raised their target price on Spotify Technology from $650.00 to $800.00 and gave the company an "overweight" rating in a report on Wednesday, July 9th. FBN Securities began coverage on Spotify Technology in a research report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective for the company. Finally, Bank of America upped their target price on shares of Spotify Technology from $700.00 to $900.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $727.52.

Spotify Technology Price Performance

Shares of SPOT stock traded up $14.07 during trading hours on Friday, reaching $695.49. 1,046,057 shares of the company were exchanged, compared to its average volume of 2,238,850. Spotify Technology has a fifty-two week low of $300.57 and a fifty-two week high of $785.00. The stock's fifty day moving average is $700.63 and its two-hundred day moving average is $615.88. The company has a market cap of $142.37 billion, a price-to-earnings ratio of 115.35, a P/E/G ratio of 1.79 and a beta of 1.68.

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