65,786 Shares in Spotify Technology S.A. (NYSE:SPOT) Purchased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 65,786 shares of the company’s stock, valued at approximately $29,431,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. Strategic Financial Concepts LLC purchased a new position in Spotify Technology in the fourth quarter valued at about $56,000. Allworth Financial LP boosted its stake in Spotify Technology by 134.0% in the fourth quarter. Allworth Financial LP now owns 372 shares of the company’s stock valued at $184,000 after acquiring an additional 213 shares during the last quarter. Principal Securities Inc. boosted its stake in Spotify Technology by 45.9% in the fourth quarter. Principal Securities Inc. now owns 1,227 shares of the company’s stock valued at $549,000 after acquiring an additional 386 shares during the last quarter. Everhart Financial Group Inc. boosted its stake in Spotify Technology by 2.8% in the fourth quarter. Everhart Financial Group Inc. now owns 3,255 shares of the company’s stock valued at $1,456,000 after acquiring an additional 90 shares during the last quarter. Finally, WealthPlan Investment Management LLC purchased a new position in Spotify Technology in the fourth quarter valued at about $217,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research analyst reports. Piper Sandler boosted their target price on shares of Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Rosenblatt Securities reiterated a “neutral” rating and issued a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Morgan Stanley boosted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Benchmark boosted 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, Citigroup boosted their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $637.75 on Monday. The stock has a market capitalization of $126.94 billion, a price-to-earnings ratio of 107.18 and a beta of 1.63. The company has a fifty day moving average of $508.35 and a 200-day moving average of $426.06. Spotify Technology S.A. has a 52-week low of $239.66 and a 52-week high of $652.63.

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.