Employees Retirement System of Texas Cuts Stake in Spotify Technology S.A. (NYSE:SPOT)

Employees Retirement System of Texas cut its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 73.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,246 shares of the company's stock after selling 9,079 shares during the quarter. Employees Retirement System of Texas' holdings in Spotify Technology were worth $1,452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in SPOT. Thrivent Financial for Lutherans lifted its holdings in shares of Spotify Technology by 566.1% during 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 bought a new stake in Spotify Technology during the 4th quarter worth approximately $1,335,575,000. Marks Group Wealth Management Inc bought a new position in shares of Spotify Technology in the fourth quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC bought a new stake in Spotify Technology in the 4th quarter valued at $214,000. Finally, Swedbank AB grew its holdings in shares of Spotify Technology by 20.9% in the fourth quarter. Swedbank AB now owns 946,129 shares of the company's stock valued at $423,279,000 after purchasing an additional 163,626 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Down 1.8 %

Shares of NYSE:SPOT traded down $9.78 on Friday, reaching $543.24. 2,153,397 shares of the company traded hands, compared to its average volume of 2,181,716. The stock has a market capitalization of $111.21 billion, a P/E ratio of 91.30 and a beta of 1.75. The business's 50-day simple moving average is $581.80 and its 200 day simple moving average is $493.82. 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 equities research analysts recently weighed in on SPOT shares. Rosenblatt Securities reiterated a "neutral" rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. China Renaissance initiated coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target for the company. Redburn Atlantic assumed coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price objective on the stock. Morgan Stanley raised their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. decreased their target price on Spotify Technology from $730.00 to $640.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target of $555.30.

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.