Varma Mutual Pension Insurance Co Purchases 2,000 Shares of Spotify Technology $SPOT

Varma Mutual Pension Insurance Co raised its holdings in Spotify Technology (NYSE:SPOT) by 12.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,000 shares of the company’s stock after buying an additional 2,000 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Spotify Technology were worth $12,564,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in SPOT. Mitchell Capital Management Co. boosted its position in shares of Spotify Technology by 24.5% during the 3rd quarter. Mitchell Capital Management Co. now owns 4,501 shares of the company’s stock valued at $3,142,000 after acquiring an additional 887 shares in the last quarter. Caprock Group LLC bought a new position in Spotify Technology during the third quarter worth about $4,869,000. Krilogy Financial LLC acquired a new stake in Spotify Technology during the third quarter valued at approximately $334,000. Advisors Asset Management Inc. grew its stake in shares of Spotify Technology by 8.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 5,142 shares of the company’s stock valued at $3,589,000 after purchasing an additional 409 shares during the period. Finally, Stratos Wealth Partners LTD. grew its stake in shares of Spotify Technology by 17.7% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 2,165 shares of the company’s stock valued at $1,511,000 after purchasing an additional 325 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 8.5%

Shares of SPOT stock opened at $445.53 on Friday. Spotify Technology has a 1 year low of $405.00 and a 1 year high of $785.00. The firm’s 50 day moving average is $535.84 and its 200-day moving average is $622.39. The firm has a market capitalization of $91.70 billion, a price-to-earnings ratio of 46.22, a PEG ratio of 0.91 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $5.16 earnings per share for the quarter, topping the consensus estimate of $3.16 by $2.00. The firm had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Spotify Technology had a net margin of 13.16% and a return on equity of 31.35%. Spotify Technology’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.88 EPS. On average, equities research analysts forecast that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SPOT. Rosenblatt Securities decreased their price target on Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Benchmark dropped their target price on shares of Spotify Technology from $860.00 to $760.00 and set a “buy” rating for the company in a research report on Friday, January 16th. Pivotal Research downgraded shares of Spotify Technology from a “buy” rating to a “hold” rating and cut their price target for the company from $875.00 to $420.00 in a report on Wednesday. Wall Street Zen raised shares of Spotify Technology from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, UBS Group dropped their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a report on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $706.42.

About Spotify Technology

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.