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

California Public Employees Retirement System trimmed its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 5.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 249,982 shares of the company's stock after selling 14,613 shares during the quarter. California Public Employees Retirement System owned approximately 0.13% of Spotify Technology worth $111,837,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Thrivent Financial for Lutherans increased its stake in Spotify Technology by 566.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after purchasing an additional 6,782 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $1,335,575,000. Marks Group Wealth Management Inc purchased a new position in shares of Spotify Technology in the 4th quarter valued at $535,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Spotify Technology during the 4th quarter worth $214,000. Finally, Kestra Investment Management LLC purchased a new stake in Spotify Technology in the third quarter valued at $780,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 2.4 %

Shares of NYSE SPOT traded up $13.44 during midday trading on Wednesday, reaching $565.17. 1,919,603 shares of the stock were exchanged, compared to its average volume of 2,163,134. The stock has a 50 day moving average price of $582.30 and a 200-day moving average price of $482.76. The company has a market capitalization of $115.69 billion, a P/E ratio of 94.99 and a beta of 1.66. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week high of $652.63.

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Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SPOT shares. UBS Group decreased their target price on Spotify Technology from $720.00 to $690.00 and set a "buy" rating for the company in a research report on Wednesday. Canaccord Genuity Group increased their price objective on Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Benchmark lifted their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. FBN Securities started coverage on shares of Spotify Technology in a research note on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target for the company. Finally, Macquarie lifted their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $557.47.

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.