Healthcare of Ontario Pension Plan Trust Fund Takes $215,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 814 shares of the company’s stock, valued at approximately $215,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of SPOT. Artisan Partners Limited Partnership increased its holdings in Spotify Technology by 24.7% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,400,811 shares of the company’s stock valued at $263,226,000 after purchasing an additional 277,733 shares during the period. Vanguard Group Inc. increased its holdings in Spotify Technology by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 612,522 shares of the company’s stock valued at $161,645,000 after purchasing an additional 23,675 shares during the period. TD Asset Management Inc increased its holdings in Spotify Technology by 2.4% during the 1st quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock valued at $135,339,000 after purchasing an additional 12,192 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Spotify Technology by 28.1% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 501,072 shares of the company’s stock valued at $132,233,000 after purchasing an additional 109,776 shares during the period. Finally, Norges Bank purchased a new position in Spotify Technology during the 4th quarter valued at about $92,429,000. Institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on SPOT. Raymond James upped their target price on Spotify Technology from $260.00 to $320.00 and gave the stock an “outperform” rating in a report on Monday, April 15th. Deutsche Bank Aktiengesellschaft raised their target price on Spotify Technology from $260.00 to $340.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Benchmark restated a “buy” rating and issued a $405.00 target price on shares of Spotify Technology in a research note on Monday, July 22nd. Piper Sandler restated a “neutral” rating and issued a $320.00 target price (up previously from $300.00) on shares of Spotify Technology in a research note on Wednesday, April 24th. Finally, Loop Capital raised their target price on shares of Spotify Technology from $165.00 to $250.00 and gave the company a “hold” rating in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $353.15.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $321.87 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.42 and a current ratio of 1.56. The company has a market cap of $64.07 billion, a P/E ratio of -480.40, a P/E/G ratio of 0.76 and a beta of 1.59. The firm’s fifty day moving average is $310.88 and its two-hundred day moving average is $276.89. Spotify Technology S.A. has a 52-week low of $129.23 and a 52-week high of $346.23.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.25. Spotify Technology had a net margin of 3.22% and a return on equity of 15.23%. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the previous year, the firm posted ($1.69) EPS. Spotify Technology’s revenue for the quarter was up 19.8% compared to the same quarter last year. As a group, analysts anticipate that Spotify Technology S.A. will post 5.71 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.