Spotify Technology S.A. (NYSE:SPOT) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 5.5% in the 4th quarter, Holdings Channel reports. The firm owned 249,982 shares of the company’s stock after selling 14,613 shares during the quarter. California Public Employees Retirement System’s holdings in Spotify Technology were worth $111,837,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of SPOT. Auxano Advisors LLC grew its holdings in Spotify Technology by 2.5% during the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock valued at $370,000 after purchasing an additional 20 shares in the last quarter. SRS Capital Advisors Inc. boosted its position in Spotify Technology by 4.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after buying an additional 25 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of Spotify Technology by 5.4% during the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock worth $225,000 after acquiring an additional 26 shares during the last quarter. Harbour Investments Inc. increased its position in shares of Spotify Technology by 13.3% during the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock worth $99,000 after acquiring an additional 26 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. boosted its holdings in Spotify Technology by 1.9% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 1,467 shares of the company’s stock valued at $656,000 after purchasing an additional 27 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. The Goldman Sachs Group lifted their price objective on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. FBN Securities began coverage on shares of Spotify Technology in a research note on Friday. They set a “sector perform” rating and a $645.00 price objective on the stock. Macquarie boosted their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Morgan Stanley upped their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $552.47.

Spotify Technology Stock Down 1.8 %

Shares of SPOT stock opened at $551.10 on Tuesday. The stock has a 50-day simple moving average of $579.58 and a 200 day simple moving average of $480.67. The stock has a market capitalization of $112.81 billion, a P/E ratio of 92.62 and a beta of 1.66. Spotify Technology S.A. has a fifty-two week low of $260.80 and a fifty-two week high of $652.63.

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.