State of New Jersey Common Pension Fund D Invests $29.43 Million in Spotify Technology S.A. (NYSE:SPOT)

State of New Jersey Common Pension Fund D purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 65,786 shares of the company’s stock, valued at approximately $29,431,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPOT. Creative Planning lifted its holdings in shares of Spotify Technology by 1.9% during the 3rd quarter. Creative Planning now owns 6,351 shares of the company’s stock worth $2,341,000 after acquiring an additional 118 shares during the period. NBC Securities Inc. lifted its stake in Spotify Technology by 864.0% in the 3rd quarter. NBC Securities Inc. now owns 482 shares of the company’s stock valued at $177,000 after purchasing an additional 432 shares during the last quarter. Bleakley Financial Group LLC lifted its stake in Spotify Technology by 14.1% in the 3rd quarter. Bleakley Financial Group LLC now owns 2,115 shares of the company’s stock valued at $779,000 after purchasing an additional 261 shares during the last quarter. V Square Quantitative Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at approximately $40,000. Finally, Aaron Wealth Advisors LLC bought a new position in Spotify Technology in the 3rd quarter valued at approximately $223,000. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SPOT shares. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Bank of America increased their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Benchmark upped their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Finally, Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Stock Down 1.6 %

Shares of NYSE SPOT opened at $637.75 on Monday. The firm has a market cap of $126.94 billion, a PE ratio of 107.18 and a beta of 1.63. Spotify Technology S.A. has a 12-month low of $239.66 and a 12-month high of $652.63. The company’s fifty day simple moving average is $508.35 and its 200 day simple moving average is $426.06.

Spotify Technology 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.