CIBC Asset Management Inc Purchases Shares of 16,982 Spotify Technology S.A. (NYSE:SPOT)

CIBC Asset Management Inc bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 16,982 shares of the company's stock, valued at approximately $7,597,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Jennison Associates LLC bought a new position in Spotify Technology in the 4th quarter valued at $1,335,575,000. Forsta AP Fonden bought a new position in Spotify Technology in the 4th quarter valued at $619,600,000. WCM Investment Management LLC raised its position in Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company's stock valued at $1,430,142,000 after purchasing an additional 605,755 shares during the last quarter. International Assets Investment Management LLC raised its position in Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company's stock valued at $128,073,000 after purchasing an additional 346,585 shares during the last quarter. Finally, FMR LLC raised its position in Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company's stock valued at $577,788,000 after purchasing an additional 297,035 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of SPOT traded down $23.28 during mid-day trading on Friday, hitting $613.49. 1,249,115 shares of the company's stock were exchanged, compared to its average volume of 2,032,561. Spotify Technology S.A. has a 52 week low of $243.99 and a 52 week high of $652.63. The company has a market cap of $122.11 billion, a PE ratio of 102.89 and a beta of 1.63. The company has a 50-day simple moving average of $521.07 and a 200 day simple moving average of $433.77.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SPOT. Rosenblatt Securities restated a "neutral" rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Barclays upped their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. Guggenheim raised their target price on shares of Spotify Technology from $520.00 to $675.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Morgan Stanley boosted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. Finally, UBS Group raised their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a "buy" rating in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $529.43.

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.