CIBC Asset Management Inc Takes $7.60 Million Position in Spotify Technology S.A. (NYSE:SPOT)

CIBC Asset Management Inc purchased a new position in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 16,982 shares of the company’s stock, valued at approximately $7,597,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Creative Planning boosted its stake in shares of Spotify Technology by 1.9% during the 3rd quarter. Creative Planning now owns 6,351 shares of the company’s stock worth $2,341,000 after purchasing an additional 118 shares during the period. Blue Trust Inc. boosted its position in Spotify Technology by 705.0% in the 3rd quarter. Blue Trust Inc. now owns 1,457 shares of the company’s stock valued at $537,000 after buying an additional 1,276 shares during the period. Raymond James & Associates boosted its position in Spotify Technology by 25.9% in the 3rd quarter. Raymond James & Associates now owns 37,807 shares of the company’s stock valued at $13,933,000 after buying an additional 7,777 shares during the period. Whittier Trust Co. bought a new position in Spotify Technology in the 3rd quarter worth about $648,000. Finally, Whittier Trust Co. of Nevada Inc. increased its position in shares of Spotify Technology by 557.7% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 342 shares of the company’s stock worth $126,000 after acquiring an additional 290 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 1.8 %

NYSE:SPOT opened at $641.78 on Thursday. The firm has a fifty day simple moving average of $517.95 and a 200-day simple moving average of $432.35. Spotify Technology S.A. has a 12 month low of $239.66 and a 12 month high of $652.63. The company has a market capitalization of $127.75 billion, a P/E ratio of 107.86 and a beta of 1.63.

Analyst Upgrades and Downgrades

SPOT has been the topic of several research reports. KeyCorp raised their price objective on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. TD Cowen lifted their price objective on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Benchmark upped their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Wells Fargo & Company boosted their price target on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Finally, Macquarie increased their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $529.43.

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.