PGGM Investments Lowers Holdings in Spotify Technology S.A. (NYSE:SPOT)

PGGM Investments lowered its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 9.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,714 shares of the company’s stock after selling 1,550 shares during the period. PGGM Investments’ holdings in Spotify Technology were worth $7,030,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Jennison Associates LLC purchased a new position in shares of Spotify Technology in the 4th quarter valued at $1,335,575,000. Forsta AP Fonden bought a new stake in Spotify Technology during the fourth quarter valued at about $619,600,000. Amundi grew its stake in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock valued at $359,812,000 after purchasing an additional 495,087 shares during the last quarter. Swiss National Bank purchased a new position in Spotify Technology in the fourth quarter valued at about $189,197,000. Finally, FMR LLC raised 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 worth $577,788,000 after purchasing an additional 297,035 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SPOT. Barclays raised their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Guggenheim reaffirmed a “buy” rating and issued a $675.00 price target on shares of Spotify Technology in a report on Monday, February 24th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Canaccord Genuity Group raised their price objective on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Finally, Citigroup boosted their target price on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Trading Up 0.6 %

Shares of NYSE:SPOT opened at $539.11 on Friday. Spotify Technology S.A. has a 12-month low of $249.58 and a 12-month high of $652.63. The business has a 50 day moving average of $553.16 and a two-hundred day moving average of $457.77. The company has a market capitalization of $110.36 billion, a PE ratio of 90.61 and a beta of 1.66.

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.