New York State Common Retirement Fund Purchases 11,247 Shares of Spotify (NYSE:SPOT)

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New York State Common Retirement Fund boosted its position in Spotify (NYSE:SPOT) by 5.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 237,294 shares of the company’s stock after purchasing an additional 11,247 shares during the quarter. New York State Common Retirement Fund’s holdings in Spotify were worth $35,487,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. increased its holdings in shares of Spotify by 10,018.9% during the second quarter. BlackRock Inc. now owns 2,794,732 shares of the company’s stock valued at $408,645,000 after acquiring an additional 2,767,113 shares in the last quarter. Squarepoint Ops LLC increased its holdings in shares of Spotify by 990.3% during the third quarter. Squarepoint Ops LLC now owns 460,827 shares of the company’s stock valued at $52,534,000 after acquiring an additional 418,560 shares in the last quarter. California Public Employees Retirement System increased its holdings in shares of Spotify by 69.8% during the third quarter. California Public Employees Retirement System now owns 219,900 shares of the company’s stock valued at $25,069,000 after acquiring an additional 90,400 shares in the last quarter. Alecta Pensionsforsakring Omsesidigt increased its holdings in shares of Spotify by 2.7% during the fourth quarter. Alecta Pensionsforsakring Omsesidigt now owns 2,104,000 shares of the company’s stock valued at $315,200,000 after acquiring an additional 55,000 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Spotify by 4.4% during the third quarter. State Street Corp now owns 1,214,142 shares of the company’s stock valued at $138,412,000 after acquiring an additional 51,528 shares in the last quarter. Institutional investors and hedge funds own 49.18% of the company’s stock.

Spotify stock opened at $141.00 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.91 and a quick ratio of 0.81. Spotify has a one year low of $110.57 and a one year high of $161.38. The stock has a market capitalization of $25.27 billion, a PE ratio of -63.51 and a beta of 1.92. The business’s fifty day moving average is $149.93 and its 200 day moving average is $137.43.

Spotify (NYSE:SPOT) last released its quarterly earnings data on Wednesday, February 5th. The company reported ($1.14) EPS for the quarter, missing the consensus estimate of ($0.48) by ($0.66). Spotify had a negative net margin of 2.69% and a negative return on equity of 8.68%. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the business earned $0.36 earnings per share. The company’s quarterly revenue was up 24.1% on a year-over-year basis. As a group, sell-side analysts expect that Spotify will post -0.8 EPS for the current fiscal year.

Several equities analysts have recently weighed in on SPOT shares. Evercore ISI reduced their price target on Spotify from $115.00 to $110.00 and set an “underperform” rating for the company in a report on Wednesday, February 5th. Sanford C. Bernstein started coverage on Spotify in a report on Wednesday, January 8th. They set an “underperform” rating and a $127.00 price target for the company. Zacks Investment Research downgraded Spotify from a “strong-buy” rating to a “hold” rating in a report on Friday, February 7th. Nomura restated a “buy” rating and set a $180.00 price target on shares of Spotify in a report on Monday, January 6th. Finally, Wells Fargo & Co raised their price target on Spotify from $122.00 to $126.00 and gave the company an “underweight” rating in a report on Thursday, February 6th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $161.80.

Spotify Company Profile

Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.

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Institutional Ownership by Quarter for Spotify (NYSE:SPOT)

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