Varma Mutual Pension Insurance Co Has $12.56 Million Stake in Spotify Technology $SPOT

Varma Mutual Pension Insurance Co boosted its holdings in Spotify Technology (NYSE:SPOT) by 12.5% during the 3rd quarter, according to its most recent disclosure 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 period. Varma Mutual Pension Insurance Co’s holdings in Spotify Technology were worth $12,564,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Cantor Fitzgerald reduced their price objective on shares of Spotify Technology from $615.00 to $525.00 and set a “neutral” rating on the stock in a research note on Wednesday. Moffett Nathanson initiated coverage on Spotify Technology in a research note on Tuesday, January 27th. They set a “neutral” rating and a $487.00 price objective on the stock. DZ Bank raised Spotify Technology from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, November 4th. Barclays increased their price target on Spotify Technology from $625.00 to $650.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, KeyCorp cut their price objective on Spotify Technology from $830.00 to $720.00 and set an “overweight” rating on the stock in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $706.42.

Spotify Technology Price Performance

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

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

Spotify Technology Profile

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.