Vestcor Inc Purchases 2,265 Shares of Spotify Technology $SPOT

Vestcor Inc grew its position in Spotify Technology (NYSE:SPOT) by 41.3% during the third quarter, Holdings Channel reports. The institutional investor owned 7,743 shares of the company’s stock after acquiring an additional 2,265 shares during the quarter. Vestcor Inc’s holdings in Spotify Technology were worth $5,405,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Knuff & Co LLC bought a new position in shares of Spotify Technology during the 2nd quarter worth approximately $27,000. Total Investment Management Inc. purchased a new stake in Spotify Technology during the second quarter valued at approximately $29,000. Heartwood Wealth Advisors LLC acquired a new stake in Spotify Technology in the third quarter valued at approximately $27,000. Greykasell Wealth Strategies Inc. boosted its stake in Spotify Technology by 3,800.0% in the third quarter. Greykasell Wealth Strategies Inc. now owns 39 shares of the company’s stock valued at $27,000 after acquiring an additional 38 shares in the last quarter. Finally, Westfuller Advisors LLC purchased a new position in Spotify Technology in the third quarter worth $29,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $545.47 on Tuesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $785.00. The firm has a market capitalization of $112.30 billion, a PE ratio of 56.58, a P/E/G ratio of 1.23 and a beta of 1.66. The stock’s 50-day simple moving average is $507.23 and its 200-day simple moving average is $599.66.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, February 10th. The company reported $5.16 EPS for the quarter, beating analysts’ consensus estimates of $3.16 by $2.00. Spotify Technology had a return on equity of 31.35% and a net margin of 13.16%.The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the firm earned $1.88 earnings per share. Spotify Technology’s revenue for the quarter was up 6.8% on a year-over-year basis. Sell-side analysts forecast that Spotify Technology will post 10.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SPOT shares. Arete Research raised Spotify Technology from a “neutral” rating to a “buy” rating and set a $586.00 price target on the stock in a research report on Thursday, February 26th. Moffett Nathanson assumed coverage on Spotify Technology in a research note on Tuesday, January 27th. They set a “neutral” rating and a $487.00 target price on the stock. Wells Fargo & Company reduced their target price on Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Citigroup upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and set a $650.00 price objective on the stock in a report on Friday, January 30th. Finally, The Goldman Sachs Group upgraded shares of Spotify Technology from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $735.00 to $700.00 in a research note on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $698.91.

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.