Utah Retirement Systems Increases Position in Spotify Technology S.A. (NYSE:SPOT)

Utah Retirement Systems raised its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 16.4% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 28,371 shares of the company's stock after purchasing an additional 3,994 shares during the period. Utah Retirement Systems' holdings in Spotify Technology were worth $12,693,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology in the fourth quarter valued at about $27,000. Quent Capital LLC boosted its stake in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after purchasing an additional 57 shares during the period. Noble Wealth Management PBC bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $52,000. Strategic Financial Concepts LLC purchased a new position in shares of Spotify Technology in the fourth quarter worth $56,000. Finally, Larson Financial Group LLC boosted its position in shares of Spotify Technology by 48.5% during the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company's stock worth $64,000 after acquiring an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on SPOT shares. Cantor Fitzgerald decreased their price target on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Rosenblatt Securities dropped their price target on Spotify Technology from $658.00 to $657.00 and set a "neutral" rating for the company in a research note on Wednesday. Citigroup raised their price target on Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a report on Friday, February 14th. Redburn Atlantic assumed coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 target price for the company. Finally, Macquarie increased their price objective 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. Eight research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $604.76.

Spotify Technology Stock Performance

Shares of SPOT stock traded up $40.51 on Friday, hitting $642.77. 4,848,856 shares of the stock traded hands, compared to its average volume of 2,164,733. Spotify Technology S.A. has a twelve month low of $286.21 and a twelve month high of $653.32. The firm's 50-day moving average price is $570.40 and its two-hundred day moving average price is $515.58. The stock has a market capitalization of $131.58 billion, a PE ratio of 108.03 and a beta of 1.72.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $4.22 billion. During the same period last year, the company earned $0.97 EPS. The business's quarterly revenue was up 15.2% on a year-over-year basis. On average, equities research analysts anticipate that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

Spotify Technology Company 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.