Public Employees Retirement System of Ohio Raises Holdings in Spotify Technology S.A. (NYSE:SPOT)

Public Employees Retirement System of Ohio increased its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 18.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 159,179 shares of the company's stock after purchasing an additional 24,861 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.08% of Spotify Technology worth $71,214,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in SPOT. Thrivent Financial for Lutherans boosted its stake in Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after buying an additional 6,782 shares during the last quarter. Jennison Associates LLC acquired a new position in Spotify Technology during the fourth quarter worth $1,335,575,000. Marks Group Wealth Management Inc acquired a new position in Spotify Technology during the fourth quarter worth $535,000. Patriot Financial Group Insurance Agency LLC acquired a new position in Spotify Technology during the fourth quarter worth $214,000. Finally, Swedbank AB boosted its stake in Spotify Technology by 20.9% during the fourth quarter. Swedbank AB now owns 946,129 shares of the company's stock worth $423,279,000 after buying an additional 163,626 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Evercore ISI lowered their price objective on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Wells Fargo & Company boosted their price objective on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research note on Friday, March 28th. UBS Group lowered their price objective on Spotify Technology from $690.00 to $680.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. China Renaissance started coverage on Spotify Technology in a report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price target for the company. Finally, KeyCorp lowered their price target on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $609.07.

Spotify Technology Stock Down 1.0%

NYSE:SPOT opened at $636.87 on Friday. The stock's 50 day moving average price is $592.68 and its 200 day moving average price is $539.84. The company has a market capitalization of $130.37 billion, a PE ratio of 107.04 and a beta of 1.72. Spotify Technology S.A. has a 52-week low of $288.07 and a 52-week high of $669.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results 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). The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The company's quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.97 EPS. As a group, sell-side analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

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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