New York State Common Retirement Fund Sells 63,778 Shares of Spotify Technology S.A. (NYSE:SPOT)

New York State Common Retirement Fund reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 18.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 288,547 shares of the company’s stock after selling 63,778 shares during the period. New York State Common Retirement Fund owned about 0.14% of Spotify Technology worth $129,090,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. WCM Investment Management LLC increased its stake in Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares during the period. Jennison Associates LLC purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. State Street Corp increased its stake in shares of Spotify Technology by 1.5% during the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after buying an additional 28,864 shares during the period. Finally, FMR LLC increased its stake in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SPOT shares. Bank of America boosted their target price on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Guggenheim boosted their target price on Spotify Technology from $520.00 to $675.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Pivotal Research boosted their target price on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Canaccord Genuity Group boosted their target price on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Trading Down 1.1 %

Spotify Technology stock opened at $631.40 on Wednesday. The company has a market capitalization of $125.68 billion, a price-to-earnings ratio of 106.12 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 business’s fifty day simple moving average is $514.65 and its two-hundred day simple moving average is $430.88.

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.