Spotify Technology S.A. (NYSE:SPOT) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System trimmed its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 5.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 249,982 shares of the company’s stock after selling 14,613 shares during the period. California Public Employees Retirement System owned approximately 0.13% of Spotify Technology worth $111,837,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology during the 4th quarter worth approximately $27,000. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology in the third quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new stake in Spotify Technology in the third quarter valued at $33,000. Quent Capital LLC lifted its holdings in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares during the last quarter. Finally, Noble Wealth Management PBC acquired a new position in shares of Spotify Technology during the 4th quarter worth about $52,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 1.8 %

SPOT stock opened at $551.10 on Tuesday. The stock has a 50-day moving average price of $579.58 and a two-hundred day moving average price of $480.67. The company has a market cap of $112.81 billion, a PE ratio of 92.62 and a beta of 1.66. Spotify Technology S.A. has a 12-month low of $260.80 and a 12-month high of $652.63.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SPOT. Barclays upped their price target on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Redburn Atlantic began coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price on the stock. Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Citigroup raised their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Finally, Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Nine investment 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, Spotify Technology has an average rating of “Moderate Buy” and an average target price of $552.47.

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.