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 holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 18.1% during the fourth quarter, HoldingsChannel reports. 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’s holdings in Spotify Technology were worth $129,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPOT. Jennison Associates LLC bought a new position in Spotify Technology in the fourth quarter valued at about $1,335,575,000. Forsta AP Fonden bought a new position in Spotify Technology in the fourth quarter valued at about $619,600,000. WCM Investment Management LLC lifted its holdings in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring an additional 605,755 shares during the period. International Assets Investment Management LLC lifted its holdings in Spotify Technology by 36,910.0% in the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after acquiring an additional 346,585 shares during the period. Finally, FMR LLC lifted its holdings in Spotify Technology by 23.4% in 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 during the period. 84.09% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SPOT. Benchmark increased their target price on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Citigroup upped their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Wells Fargo & Company upped their price target on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Macquarie upped their price target on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Barclays upped their price target on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Trading Down 1.1 %

Shares of Spotify Technology stock opened at $631.40 on Wednesday. The stock has a 50 day moving average of $514.65 and a 200 day moving average of $430.88. Spotify Technology S.A. has a 12 month low of $239.66 and a 12 month high of $652.63. The firm has a market cap of $125.68 billion, a PE ratio of 106.12 and a beta of 1.63.

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.