Spotify Technology S.A. (NYSE:SPOT) Shares Bought by California State Teachers Retirement System

California State Teachers Retirement System boosted its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 1,608.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 184,377 shares of the company's stock after purchasing an additional 173,583 shares during the period. California State Teachers Retirement System owned about 0.09% of Spotify Technology worth $82,487,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology during the fourth quarter worth $27,000. Quent Capital LLC grew its position in shares of Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after acquiring an additional 57 shares during the period. Noble Wealth Management PBC acquired a new position in shares of Spotify Technology during the 4th quarter worth about $52,000. Larson Financial Group LLC raised its holdings in shares of Spotify Technology by 48.5% in the 4th quarter. Larson Financial Group LLC now owns 144 shares of the company's stock valued at $64,000 after purchasing an additional 47 shares during the period. Finally, Versant Capital Management Inc raised its stake in Spotify Technology by 89.9% in the fourth quarter. Versant Capital Management Inc now owns 150 shares of the company's stock valued at $67,000 after buying an additional 71 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Trading Down 2.0 %

Shares of NYSE SPOT traded down $12.18 during mid-day trading on Thursday, reaching $601.80. The company had a trading volume of 2,326,972 shares, compared to its average volume of 2,149,795. The stock has a market cap of $123.19 billion, a price-to-earnings ratio of 101.14 and a beta of 1.75. The business's 50-day moving average is $569.30 and its 200-day moving average is $511.15. Spotify Technology S.A. has a 52 week low of $283.39 and a 52 week high of $652.63.

Analysts Set New Price Targets

SPOT has been the subject of several analyst reports. FBN Securities initiated coverage on shares of Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective for the company. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research report on Monday, April 21st. Evercore ISI cut their price target on Spotify Technology from $700.00 to $650.00 and set an "outperform" rating on the stock in a research note on Wednesday. Canaccord Genuity Group raised their price target 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. Finally, Macquarie increased their target price on shares of Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a research report on Friday, April 25th. Seven research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $606.71.

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.