Vestcor Inc Boosts Stock Position in Spotify Technology $SPOT

Key Points

• Vestcor Inc increased its stake in Spotify by 41.3%, buying an additional 2,265 shares to hold 7,743 shares valued at about $5.405 million.
• Spotify posted a strong quarterly beat with EPS $5.16 vs. $3.16 expected and revenue of $5.32 billion (up 6.8% YoY), and analysts forecast ~10.3 EPS for the year.
• Analyst sentiment is a consensus "Moderate Buy" with an average price target of $698.91, while shares traded near $545.47 (down ~3.5%) and institutional investors own ~84.09% of the stock.

Vestcor Inc raised its holdings in Spotify Technology (NYSE:SPOT - Free Report) by 41.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,743 shares of the company's stock after acquiring an additional 2,265 shares during the quarter. Vestcor Inc's holdings in Spotify Technology were worth $5,405,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Knuff & Co LLC purchased a new stake in shares of Spotify Technology during the second quarter valued at $27,000. Total Investment Management Inc. purchased a new position in Spotify Technology in the 2nd quarter worth about $29,000. Heartwood Wealth Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter worth about $27,000. Greykasell Wealth Strategies Inc. lifted its holdings in Spotify Technology by 3,800.0% during the 3rd quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company's stock valued at $27,000 after buying an additional 38 shares in the last quarter. Finally, Westfuller Advisors LLC purchased a new stake in Spotify Technology in the 3rd quarter valued at about $29,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SPOT shares. Cantor Fitzgerald dropped their target price on shares of Spotify Technology from $615.00 to $525.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 11th. Weiss Ratings downgraded shares of Spotify Technology from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, February 26th. Arete Research upgraded Spotify Technology from a "neutral" rating to a "buy" rating and set a $586.00 price target for the company in a report on Thursday, February 26th. UBS Group dropped their price objective on Spotify Technology from $850.00 to $800.00 and set a "buy" rating on the stock in a research note on Friday, January 9th. Finally, The Goldman Sachs Group upgraded Spotify Technology from a "neutral" rating to a "buy" rating and reduced their price objective for the stock from $735.00 to $700.00 in a report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $698.91.

Spotify Technology Stock Down 3.5%

Shares of NYSE:SPOT opened at $545.47 on Tuesday. The firm has a 50 day moving average of $507.23 and a 200 day moving average of $599.66. The company has a market capitalization of $112.30 billion, a price-to-earnings ratio of 56.58, a price-to-earnings-growth ratio of 1.23 and a beta of 1.66. Spotify Technology has a 52 week low of $405.00 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT - Get Free Report) last announced its earnings results on Tuesday, February 10th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The business had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $5.14 billion. During the same quarter last year, the firm earned $1.88 EPS. The business's revenue for the quarter was up 6.8% on a year-over-year basis. On average, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Company Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.