California Public Employees Retirement System Reduces Stock Position in Spotify Technology S.A. (NYSE:SPOT)

California Public Employees Retirement System lowered its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 5.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 249,982 shares of the company's stock after selling 14,613 shares during the period. California Public Employees Retirement System owned about 0.13% of Spotify Technology worth $111,837,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology during the 4th quarter valued at $27,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology during the 3rd quarter valued at $33,000. Quent Capital LLC grew its holdings in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after acquiring an additional 57 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new position in shares of Spotify Technology in the fourth quarter valued at about $52,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

SPOT has been the topic of several recent analyst reports. FBN Securities began coverage on Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 target price on the stock. Macquarie lifted their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Wells Fargo & Company boosted 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. Redburn Atlantic initiated coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target for the company. Finally, Barclays boosted their price objective 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. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company's stock. According to MarketBeat, Spotify Technology currently has an average rating of "Moderate Buy" and an average target price of $557.47.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded down $55.52 during trading on Friday, reaching $502.90. 4,146,568 shares of the stock traded hands, compared to its average volume of 2,155,577. The stock has a market cap of $102.95 billion, a P/E ratio of 84.52 and a beta of 1.75. The stock has a 50-day moving average of $583.28 and a two-hundred day moving average of $485.42. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week high of $652.63.

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.