Forsta AP Fonden Invests $619.60 Million in Spotify Technology S.A. (NYSE:SPOT)

Forsta AP Fonden bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,384,952 shares of the company’s stock, valued at approximately $619,600,000. Spotify Technology makes up approximately 4.4% of Forsta AP Fonden’s holdings, making the stock its 4th largest holding. Forsta AP Fonden owned approximately 0.70% of Spotify Technology at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. First Horizon Advisors Inc. increased its position in shares of Spotify Technology by 5.8% during the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock worth $176,000 after acquiring an additional 26 shares in the last quarter. West Bancorporation Inc. boosted its stake in Spotify Technology by 3.4% during the 3rd quarter. West Bancorporation Inc. now owns 827 shares of the company’s stock valued at $305,000 after purchasing an additional 27 shares during the last quarter. Avior Wealth Management LLC increased its holdings in Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock worth $104,000 after purchasing an additional 30 shares in the last quarter. Park National Corp OH raised its stake in shares of Spotify Technology by 4.1% in the fourth quarter. Park National Corp OH now owns 793 shares of the company’s stock worth $355,000 after purchasing an additional 31 shares during the last quarter. Finally, Washington Trust Advisors Inc. lifted its holdings in shares of Spotify Technology by 12.0% in the third quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after purchasing an additional 32 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group upped their price target on Spotify Technology from $490.00 to $550.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $525.00 to $560.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Piper Sandler raised their price target 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. KeyCorp upped their price objective on shares of Spotify Technology from $520.00 to $555.00 and gave the stock an “overweight” rating in a research report on Friday, January 10th. Finally, TD Cowen increased their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, six have given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $446.21.

Spotify Technology Price Performance

NYSE:SPOT opened at $531.64 on Wednesday. The company has a market cap of $105.82 billion, a P/E ratio of 144.47 and a beta of 1.62. Spotify Technology S.A. has a 1 year low of $213.31 and a 1 year high of $537.00. The stock’s fifty day moving average price is $476.28 and its two-hundred day moving average price is $400.01.

Spotify Technology (NYSE:SPOT) last issued its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The company had revenue of $3.99 billion during the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter in the prior year, the business earned $0.36 EPS. The firm’s revenue for the quarter was up 18.8% compared to the same quarter last year. On average, analysts expect that Spotify Technology S.A. will post 5.91 earnings per share for the current fiscal year.

Spotify Technology 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.