New York State Common Retirement Fund Cuts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

New York State Common Retirement Fund reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 16.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 227,379 shares of the company’s stock after selling 43,895 shares during the quarter. New York State Common Retirement Fund owned about 0.12% of Spotify Technology worth $42,727,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SPOT. Duality Advisers LP acquired a new position in Spotify Technology in the 4th quarter valued at about $837,000. Handelsbanken Fonder AB increased its stake in Spotify Technology by 41.9% during the 4th quarter. Handelsbanken Fonder AB now owns 36,146 shares of the company’s stock worth $6,792,000 after buying an additional 10,671 shares during the period. Signaturefd LLC increased its position in shares of Spotify Technology by 4.4% during the fourth quarter. Signaturefd LLC now owns 1,222 shares of the company’s stock worth $230,000 after acquiring an additional 51 shares during the period. Lindbrook Capital LLC raised its position in Spotify Technology by 32.3% in the 4th quarter. Lindbrook Capital LLC now owns 205 shares of the company’s stock valued at $39,000 after purchasing an additional 50 shares in the last quarter. Finally, abrdn plc lifted its stake in Spotify Technology by 110.5% in the fourth quarter. abrdn plc now owns 46,561 shares of the company’s stock worth $8,948,000 after acquiring an additional 24,447 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

Shares of SPOT stock opened at $281.34 on Thursday. Spotify Technology S.A. has a 1-year low of $128.67 and a 1-year high of $319.30. The firm has a fifty day moving average of $269.74 and a two-hundred day moving average of $217.24. The firm has a market cap of $55.80 billion, a P/E ratio of -419.90 and a beta of 1.63.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, April 23rd. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.63 by $0.42. The company had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.87 billion. Spotify Technology had a negative net margin of 0.80% and a negative return on equity of 4.91%. During the same period last year, the firm posted ($1.24) EPS. On average, sell-side analysts expect that Spotify Technology S.A. will post 3.52 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on SPOT shares. TheStreet raised Spotify Technology from a “d+” rating to a “c-” rating in a report on Friday, February 9th. The Goldman Sachs Group boosted their price target on Spotify Technology from $277.00 to $317.00 and gave the company a “neutral” rating in a research report on Wednesday. Loop Capital raised their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the stock a “hold” rating in a research note on Monday. KeyCorp boosted their price objective on shares of Spotify Technology from $300.00 to $350.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Finally, Benchmark upped their target price on Spotify Technology from $325.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday. Eight equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $301.81.

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.