State of Wyoming Increases Stock Position in Spotify Technology S.A. (NYSE:SPOT)

State of Wyoming grew its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 18.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,476 shares of the company's stock after buying an additional 386 shares during the period. State of Wyoming's holdings in Spotify Technology were worth $1,108,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Jennison Associates LLC bought a new stake in shares of Spotify Technology in the 4th quarter valued at about $1,335,575,000. GQG Partners LLC bought a new stake in Spotify Technology in the fourth quarter valued at approximately $800,725,000. Forsta AP Fonden bought a new stake in Spotify Technology in the fourth quarter valued at approximately $619,600,000. Geode Capital Management LLC boosted its stake in shares of Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the period. Finally, Norges Bank bought a new position in shares of Spotify Technology in the fourth quarter worth approximately $396,028,000. Institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Rosenblatt Securities dropped their price target on shares of Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research report on Wednesday, April 30th. FBN Securities began coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price for the company. Guggenheim boosted their price target on Spotify Technology from $675.00 to $725.00 and gave the company a "buy" rating in a report on Monday, May 12th. Cantor Fitzgerald dropped their price objective on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Finally, 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 report on Friday, May 2nd. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $606.48.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $656.02 on Friday. The company has a market capitalization of $134.29 billion, a price-to-earnings ratio of 110.26 and a beta of 1.72. Spotify Technology S.A. has a one year low of $288.07 and a one year high of $663.55. The company's 50-day moving average is $585.62 and its 200 day moving average is $533.48.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). Spotify Technology had a net margin of 7.26% and a return on equity of 25.56%. The firm had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.22 billion. During the same quarter in the previous year, the company earned $0.97 EPS. The company's quarterly revenue was up 15.2% compared to the same quarter last year. As a group, research analysts predict that Spotify Technology S.A. 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.

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