Public Employees Retirement System of Ohio Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Public Employees Retirement System of Ohio purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 134,318 shares of the company's stock, valued at approximately $49,500,000. Public Employees Retirement System of Ohio owned approximately 0.07% of Spotify Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in SPOT. Mather Group LLC. increased its stake in shares of Spotify Technology by 9,900.0% in the second quarter. Mather Group LLC. now owns 100 shares of the company's stock worth $31,000 after buying an additional 99 shares during the period. RFG Advisory LLC increased its stake in shares of Spotify Technology by 21.4% in the second quarter. RFG Advisory LLC now owns 1,750 shares of the company's stock worth $549,000 after buying an additional 308 shares during the period. Park National Corp OH purchased a new position in shares of Spotify Technology in the second quarter worth $218,000. Sequoia Financial Advisors LLC increased its stake in shares of Spotify Technology by 20.2% in the second quarter. Sequoia Financial Advisors LLC now owns 1,037 shares of the company's stock worth $325,000 after buying an additional 174 shares during the period. Finally, Wedmont Private Capital increased its position in Spotify Technology by 29.5% during the 2nd quarter. Wedmont Private Capital now owns 965 shares of the company's stock valued at $292,000 after purchasing an additional 220 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of research analyst reports. Rosenblatt Securities boosted their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $430.00 to $490.00 and gave the company a "buy" rating in a research report on Thursday, November 14th. Piper Sandler boosted their price objective on shares of Spotify Technology from $330.00 to $450.00 and gave the company a "neutral" rating in a research report on Wednesday, November 13th. Wells Fargo & Company boosted their price objective on shares of Spotify Technology from $470.00 to $520.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Finally, Pivotal Research boosted their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $429.96.

Spotify Technology Stock Down 3.4 %

SPOT traded down $17.04 during midday trading on Monday, hitting $481.59. 2,409,808 shares of the company traded hands, compared to its average volume of 2,062,705. The firm has a market capitalization of $95.86 billion, a PE ratio of 135.50 and a beta of 1.61. The company's 50-day moving average is $416.02 and its 200 day moving average is $357.72. Spotify Technology S.A. has a 52 week low of $185.37 and a 52 week high of $506.47.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the company posted $0.36 EPS. Spotify Technology's revenue was up 18.8% on a year-over-year basis. On average, sell-side analysts predict that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

About Spotify Technology

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.