Commonwealth of Pennsylvania Public School Empls Retrmt SYS Grows Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 56.0% during the fourth quarter, HoldingsChannel reports. The fund owned 48,544 shares of the company’s stock after purchasing an additional 17,436 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Spotify Technology were worth $21,718,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in SPOT. Jennison Associates LLC bought a new stake in shares of Spotify Technology during the 4th quarter valued at $1,335,575,000. Forsta AP Fonden bought a new stake in shares of Spotify Technology during the fourth quarter valued at about $619,600,000. Amundi lifted its holdings in shares of Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock worth $359,812,000 after buying an additional 495,087 shares in the last quarter. Swiss National Bank bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $189,197,000. Finally, FMR LLC grew its stake in 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 acquiring an additional 297,035 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

SPOT has been the topic of several recent analyst reports. Canaccord Genuity Group increased their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Wells Fargo & Company increased their price objective on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group boosted their target price on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Barclays raised 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. Finally, Guggenheim restated a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a research report on Monday, February 24th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average price target of $540.68.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $592.78 on Friday. Spotify Technology S.A. has a fifty-two week low of $257.56 and a fifty-two week high of $652.63. The company has a market capitalization of $121.35 billion, a P/E ratio of 99.63 and a beta of 1.66. The stock has a 50 day moving average price of $564.44 and a two-hundred day moving average price of $466.28.

Spotify Technology Company 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.