State of New Jersey Common Pension Fund D Has $39.04 Million Stock Holdings in Spotify Technology $SPOT

Key Points

• The State of New Jersey Common Pension Fund D increased its stake in Spotify Technology by 7.9% this quarter, owning 70,986 shares valued at $39.04 million.
• Spotify's latest earnings report revealed a loss of ($0.42) per share, significantly missing analysts' estimates of $2.00, while revenue reached $4.94 billion.
• Wall Street analysts have diverse perspectives on Spotify, with a consensus rating of "Moderate Buy" and an average price target of $718.90.

State of New Jersey Common Pension Fund D grew its position in Spotify Technology (NYSE:SPOT - Free Report) by 7.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 70,986 shares of the company's stock after purchasing an additional 5,200 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Spotify Technology were worth $39,044,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of SPOT. QRG Capital Management Inc. lifted its holdings in shares of Spotify Technology by 36.3% in the 1st quarter. QRG Capital Management Inc. now owns 710 shares of the company's stock worth $391,000 after acquiring an additional 189 shares during the last quarter. GAMMA Investing LLC boosted its stake in Spotify Technology by 38.1% in the 1st quarter. GAMMA Investing LLC now owns 1,305 shares of the company's stock worth $718,000 after purchasing an additional 360 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Spotify Technology by 16.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 8,543 shares of the company's stock valued at $4,699,000 after acquiring an additional 1,179 shares during the period. Fifth Third Bancorp lifted its stake in Spotify Technology by 30.7% during the 1st quarter. Fifth Third Bancorp now owns 302 shares of the company's stock valued at $166,000 after acquiring an additional 71 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Spotify Technology by 238.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,441 shares of the company's stock valued at $13,993,000 after purchasing an additional 17,932 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

SPOT has been the subject of several analyst reports. JPMorgan Chase & Co. increased their target price 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. Guggenheim raised their price target on Spotify Technology from $725.00 to $840.00 and gave the company a "buy" rating in a research note on Wednesday, June 25th. Loop Capital lifted their target price on Spotify Technology from $435.00 to $550.00 and gave the company a "hold" rating in a research note on Friday, May 2nd. The Goldman Sachs Group lifted their target price on Spotify Technology from $680.00 to $775.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Benchmark decreased their price target on Spotify Technology from $840.00 to $800.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. Ten investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus target price of $718.90.

Spotify Technology Stock Up 4.8%

Shares of NYSE SPOT traded up $33.24 on Friday, hitting $731.74. The company had a trading volume of 3,005,192 shares, compared to its average volume of 2,796,766. The firm has a market capitalization of $149.79 billion, a P/E ratio of 177.61, a PEG ratio of 3.17 and a beta of 1.69. Spotify Technology has a 12-month low of $319.07 and a 12-month high of $785.00. The business has a 50 day moving average of $703.27 and a two-hundred day moving average of $637.83.

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