Treasurer of the State of North Carolina Raises Position in Spotify Technology S.A. (NYSE:SPOT)

Treasurer of the State of North Carolina boosted its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 66,860 shares of the company's stock after purchasing an additional 1,040 shares during the quarter. Treasurer of the State of North Carolina's holdings in Spotify Technology were worth $29,912,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Jennison Associates LLC purchased a new stake in Spotify Technology in the 4th quarter valued at $1,335,575,000. GQG Partners LLC purchased a new stake in Spotify Technology in the 4th quarter valued at about $800,725,000. Forsta AP Fonden purchased a new position in shares of Spotify Technology in the 4th quarter worth approximately $619,600,000. Geode Capital Management LLC grew its holdings in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. Finally, Norges Bank bought a new stake in Spotify Technology during the fourth quarter worth $396,028,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Trading Up 4.2 %

NYSE SPOT traded up $23.28 on Tuesday, hitting $572.45. The company's stock had a trading volume of 2,277,300 shares, compared to its average volume of 2,181,871. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week high of $652.63. The firm has a market cap of $117.18 billion, a P/E ratio of 96.21 and a beta of 1.75. The company's 50-day simple moving average is $580.24 and its 200 day simple moving average is $495.06.

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Analyst Ratings Changes

A number of equities analysts recently weighed in on SPOT shares. Redburn Atlantic began coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target on the stock. 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. JPMorgan Chase & Co. lowered their price target on shares of Spotify Technology from $730.00 to $640.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Finally, FBN Securities began coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $554.97.

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.