Public Sector Pension Investment Board Cuts Stake in Spotify Technology (NYSE:SPOT)

Key Points

• The Public Sector Pension Investment Board cut its stake in Spotify Technology by 59.7%, now owning 77,000 shares after selling 113,900 shares in the first quarter.
• Spotify's recent earnings report showed a loss of ($0.42) per share, significantly missing estimates of $2.00, despite reporting a revenue of $4.94 billion.
• Institutional investors together hold 84.09% of Spotify's stock, with several firms recently raising their investment positions in the company.

Public Sector Pension Investment Board reduced its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 59.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 77,000 shares of the company's stock after selling 113,900 shares during the period. Public Sector Pension Investment Board's holdings in Spotify Technology were worth $42,352,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. raised its holdings in shares of Spotify Technology by 1,151.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,740,803 shares of the company's stock worth $957,494,000 after acquiring an additional 1,601,653 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of Spotify Technology by 42.3% in the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after acquiring an additional 1,262,614 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Spotify Technology by 325.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company's stock valued at $503,316,000 after purchasing an additional 861,232 shares during the last quarter. Northern Trust Corp increased its holdings in Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock worth $638,367,000 after buying an additional 726,245 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Spotify Technology by 75,856.5% during the 1st quarter. GAMMA Investing LLC now owns 717,789 shares of the company's stock valued at $394,805,000 after acquiring an additional 716,844 shares during the period. 84.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. DZ Bank upgraded Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price objective on the stock in a research note on Wednesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Spotify Technology from $700.00 to $775.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Rosenblatt Securities reduced their target price on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating for the company in a research report on Wednesday, July 30th. Wells Fargo & Company raised their target price on shares of Spotify Technology from $740.00 to $750.00 and gave the company an "overweight" rating in a research note on Tuesday, July 29th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Ten equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $718.90.

Spotify Technology Stock Performance

Shares of SPOT traded up $2.85 during trading hours on Thursday, hitting $697.85. The company had a trading volume of 1,420,577 shares, compared to its average volume of 2,324,198. Spotify Technology has a 52-week low of $319.07 and a 52-week high of $785.00. The firm has a fifty day moving average price of $703.17 and a 200-day moving average price of $633.91. The stock has a market capitalization of $142.86 billion, a price-to-earnings ratio of 169.38, a P/E/G ratio of 2.98 and a beta of 1.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.00 by ($2.42). The company had revenue of $4.94 billion for the quarter, compared to the consensus estimate of $4.29 billion. Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The company's revenue was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.33 earnings per share. Research analysts anticipate that Spotify Technology will post 10.3 earnings per share 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.