Healthcare of Ontario Pension Plan Trust Fund Makes New $215,000 Investment in Spotify Technology S.A. (NYSE:SPOT)

Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 1st quarter, Holdings Channel reports. The firm acquired 814 shares of the company’s stock, valued at approximately $215,000.

Several other hedge funds also recently modified their holdings of SPOT. Evoke Wealth LLC bought a new position in Spotify Technology in the fourth quarter valued at about $2,271,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Spotify Technology by 30.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 79,667 shares of the company’s stock worth $21,024,000 after purchasing an additional 18,731 shares during the period. Franklin Resources Inc. raised its position in shares of Spotify Technology by 1,500.5% during the fourth quarter. Franklin Resources Inc. now owns 70,151 shares of the company’s stock worth $13,182,000 after purchasing an additional 65,768 shares during the period. TD Asset Management Inc raised its position in shares of Spotify Technology by 2.4% during the first quarter. TD Asset Management Inc now owns 512,841 shares of the company’s stock worth $135,339,000 after purchasing an additional 12,192 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Spotify Technology by 327.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 391,253 shares of the company’s stock valued at $73,520,000 after buying an additional 299,700 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $321.87 on Friday. The stock has a market cap of $64.07 billion, a PE ratio of -480.40, a price-to-earnings-growth ratio of 0.76 and a beta of 1.59. Spotify Technology S.A. has a fifty-two week low of $129.23 and a fifty-two week high of $346.23. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.42 and a current ratio of 1.56. The stock has a fifty day moving average of $310.88 and a 200-day moving average of $276.89.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, July 23rd. The company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.08 by $0.25. Spotify Technology had a return on equity of 15.23% and a net margin of 3.22%. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the previous year, the business earned ($1.69) earnings per share. The firm’s revenue was up 19.8% on a year-over-year basis. Equities research analysts anticipate that Spotify Technology S.A. will post 5.71 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Raymond James lifted their target price on Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. KeyCorp boosted their price target on Spotify Technology from $400.00 to $410.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Jefferies Financial Group reaffirmed a “buy” rating and set a $385.00 price target (up previously from $242.00) on shares of Spotify Technology in a research report on Thursday, July 11th. HSBC upped their price objective on Spotify Technology from $310.00 to $355.00 and gave the company a “buy” rating in a report on Wednesday, April 24th. Finally, The Goldman Sachs Group raised Spotify Technology from a “neutral” rating to a “buy” rating and upped their price objective for the company from $320.00 to $425.00 in a report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $353.15.

About Spotify Technology

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.