Commonwealth of Pennsylvania Public School Empls Retrmt SYS Raises Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 56.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 48,544 shares of the company's stock after purchasing an additional 17,436 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Spotify Technology were worth $21,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology in the third quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology in the 3rd quarter worth approximately $33,000. Larson Financial Group LLC grew its stake in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company's stock worth $36,000 after purchasing an additional 33 shares during the period. Quent Capital LLC increased its holdings in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $52,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 1.8 %

SPOT stock traded up $11.13 during trading on Tuesday, reaching $615.84. 1,571,942 shares of the stock were exchanged, compared to its average volume of 2,106,639. The firm has a market capitalization of $126.07 billion, a price-to-earnings ratio of 103.50 and a beta of 1.66. The business has a 50 day moving average price of $570.20 and a 200-day moving average price of $471.97. Spotify Technology S.A. has a 1 year low of $257.56 and a 1 year high of $652.63.

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Wall Street Analyst Weigh In

SPOT has been the topic of several analyst reports. Citigroup raised their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a research report on Friday, February 14th. Macquarie lifted their price target on Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Benchmark raised their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Finally, Barclays boosted their price objective on Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $540.68.

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.