Treasurer of the State of North Carolina Raises Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Treasurer of the State of North Carolina lifted its stake in Spotify Technology S.A. (NYSE:SPOT) by 1.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,860 shares of the company’s stock after buying an additional 1,040 shares during the period. Treasurer of the State of North Carolina’s holdings in Spotify Technology were worth $29,912,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SPOT. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology during the fourth quarter worth approximately $27,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology during the 3rd quarter worth $33,000. Quent Capital LLC increased its stake in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the period. Noble Wealth Management PBC acquired a new position in Spotify Technology in the fourth quarter valued at $52,000. Finally, Strategic Financial Concepts LLC purchased a new stake in shares of Spotify Technology in the fourth quarter valued at about $56,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on SPOT. JPMorgan Chase & Co. dropped their price target on Spotify Technology from $730.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday. Morgan Stanley upped their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Barclays boosted their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $675.00 target price on shares of Spotify Technology in a report on Monday, February 24th. Nine research analysts have rated the stock with a hold rating and twenty-one 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 price target of $555.30.

Spotify Technology Trading Down 2.7 %

Spotify Technology stock opened at $553.91 on Friday. The stock has a 50-day moving average price of $583.39 and a 200 day moving average price of $491.92. Spotify Technology S.A. has a 52 week low of $267.76 and a 52 week high of $652.63. The stock has a market cap of $113.39 billion, a PE ratio of 93.09 and a beta of 1.75.

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.