Vestcor Inc Purchases 2,891 Shares of Spotify Technology (NYSE:SPOT)

Key Points

• Vestcor Inc increased its stake in Spotify Technology by 126.0% during the 1st quarter, owning a total of 5,185 shares valued at approximately $2.85 million.
• Spotify's latest earnings report showed a miss on EPS estimates, reporting $1.13 compared to the expected $2.29, despite revenue growing 15.2% year-over-year.
• Analysts have set an average price target of $718.90 for Spotify, with many recommending a buy rating based on recent performance and growth potential.

Vestcor Inc raised its stake in shares of Spotify Technology (NYSE:SPOT - Free Report) by 126.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 5,185 shares of the company's stock after purchasing an additional 2,891 shares during the quarter. Vestcor Inc's holdings in Spotify Technology were worth $2,852,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SPOT. Mpwm Advisory Solutions LLC acquired a new stake in shares of Spotify Technology during the 4th quarter valued at about $26,000. Tsfg LLC acquired a new stake in shares of Spotify Technology during the 1st quarter valued at about $28,000. Copia Wealth Management acquired a new stake in shares of Spotify Technology during the 4th quarter valued at about $29,000. Cornerstone Planning Group LLC boosted its position in shares of Spotify Technology by 512.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 49 shares of the company's stock valued at $29,000 after acquiring an additional 41 shares in the last quarter. Finally, North Star Investment Management Corp. boosted its position in shares of Spotify Technology by 52.8% during the 1st quarter. North Star Investment Management Corp. now owns 55 shares of the company's stock valued at $30,000 after acquiring an additional 19 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $626.44 on Friday. Spotify Technology has a 52 week low of $300.57 and a 52 week high of $785.00. The company has a market capitalization of $128.24 billion, a PE ratio of 152.05, a PEG ratio of 1.84 and a beta of 1.68. The company has a 50 day moving average price of $701.27 and a two-hundred day moving average price of $622.44.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its earnings results on Tuesday, April 29th. The company reported $1.13 EPS for the quarter, missing the consensus estimate of $2.29 by ($1.16). Spotify Technology had a net margin of 4.76% and a return on equity of 13.67%. The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the company posted $0.97 EPS. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. On average, sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have commented on SPOT. Macquarie boosted their price target on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Evercore ISI boosted their target price on shares of Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a research note on Monday, April 21st. Canaccord Genuity Group boosted their target price on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Oppenheimer raised shares of Spotify Technology from a "market perform" rating to an "outperform" rating and set a $800.00 target price for the company in a research note on Thursday, July 24th. Nine equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $718.90.

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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