State of Michigan Retirement System Sells 4,000 Shares of Spotify Technology S.A. (NYSE:SPOT)

State of Michigan Retirement System reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 5.1% in the 4th quarter, HoldingsChannel reports. The firm owned 75,031 shares of the company’s stock after selling 4,000 shares during the period. State of Michigan Retirement System’s holdings in Spotify Technology were worth $33,567,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology in the third quarter worth about $26,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology in the third quarter worth about $33,000. Larson Financial Group LLC raised its stake in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the last quarter. Rakuten Securities Inc. raised its stake in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after acquiring an additional 32 shares during the last quarter. Finally, Quent Capital LLC raised its stake in shares of Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SPOT. Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research note on Wednesday, November 13th. Benchmark boosted their target price 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. Barclays lifted their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Guggenheim reiterated a “buy” rating and set a $675.00 price target on shares of Spotify Technology in a research report on Monday, February 24th. Finally, Piper Sandler lifted their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Stock Down 1.5 %

Shares of SPOT stock opened at $599.01 on Tuesday. The firm has a fifty day moving average of $539.75 and a 200-day moving average of $448.32. Spotify Technology S.A. has a 12-month low of $249.58 and a 12-month high of $652.63. The company has a market capitalization of $119.24 billion, a price-to-earnings ratio of 100.67 and a beta of 1.63.

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.