FUKOKU MUTUAL LIFE INSURANCE Co Acquires 133 Shares of Spotify Technology (NYSE:SPOT)

FUKOKU MUTUAL LIFE INSURANCE Co raised its holdings in Spotify Technology (NYSE:SPOT) by 26.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 630 shares of the company’s stock after purchasing an additional 133 shares during the quarter. FUKOKU MUTUAL LIFE INSURANCE Co’s holdings in Spotify Technology were worth $347,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Kathmere Capital Management LLC raised its position in Spotify Technology by 7.5% in the 1st quarter. Kathmere Capital Management LLC now owns 1,100 shares of the company’s stock valued at $605,000 after purchasing an additional 77 shares during the last quarter. Ballentine Partners LLC raised its position in Spotify Technology by 33.5% in the 1st quarter. Ballentine Partners LLC now owns 1,260 shares of the company’s stock valued at $693,000 after purchasing an additional 316 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management raised its position in Spotify Technology by 20.4% in the 1st quarter. B & T Capital Management DBA Alpha Capital Management now owns 1,099 shares of the company’s stock valued at $604,000 after purchasing an additional 186 shares during the last quarter. Berbice Capital Management LLC raised its position in Spotify Technology by 10.3% in the 1st quarter. Berbice Capital Management LLC now owns 430 shares of the company’s stock valued at $237,000 after purchasing an additional 40 shares during the last quarter. Finally, Rational Advisors Inc. acquired a new stake in shares of Spotify Technology in the 1st quarter valued at $3,259,000. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Evercore ISI lifted their target price on Spotify Technology from $650.00 to $750.00 and gave the company an “outperform” rating in a research note on Monday, June 16th. Macquarie lifted their target price on Spotify Technology from $600.00 to $665.00 and gave the company an “outperform” rating in a research note on Friday, April 25th. The Goldman Sachs Group lifted their target price on Spotify Technology from $680.00 to $775.00 and gave the company a “buy” rating in a research note on Wednesday, July 2nd. FBN Securities assumed coverage on Spotify Technology in a research note on Friday, March 28th. They issued a “sector perform” rating and a $645.00 target price for the company. Finally, Wells Fargo & Company lifted their target price on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research note on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $701.31.

Spotify Technology Price Performance

SPOT stock opened at $708.82 on Friday. The stock has a market capitalization of $145.10 billion, a P/E ratio of 117.55, a P/E/G ratio of 1.87 and a beta of 1.68. The business has a 50-day moving average of $689.79 and a 200-day moving average of $600.93. Spotify Technology has a fifty-two week low of $288.07 and a fifty-two week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The firm’s quarterly revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.97 earnings per share. Equities analysts expect that Spotify Technology will post 10.3 EPS for the current year.

Spotify Technology Company 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.