Employees Retirement System of Texas Has $1.45 Million Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Employees Retirement System of Texas decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 73.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,246 shares of the company’s stock after selling 9,079 shares during the quarter. Employees Retirement System of Texas’ holdings in Spotify Technology were worth $1,452,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of SPOT. Thrivent Financial for Lutherans boosted its stake in shares of Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock valued at $3,541,000 after buying an additional 6,782 shares during the period. Jennison Associates LLC purchased a new stake in shares of Spotify Technology during the fourth quarter worth $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in shares of Spotify Technology during the fourth quarter worth $535,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Spotify Technology during the fourth quarter valued at $214,000. Finally, Swedbank AB grew its stake in Spotify Technology by 20.9% in the fourth quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after purchasing an additional 163,626 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on SPOT shares. Wells Fargo & Company raised their price target on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research note on Friday, March 28th. The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Citigroup increased their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Guggenheim reaffirmed a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. Finally, Canaccord Genuity Group increased their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $557.47.

Spotify Technology Stock Performance

NYSE SPOT opened at $517.15 on Tuesday. Spotify Technology S.A. has a twelve month low of $267.76 and a twelve month high of $652.63. The stock has a market cap of $105.86 billion, a PE ratio of 86.92 and a beta of 1.75. The firm has a 50-day simple moving average of $583.36 and a 200 day simple moving average of $487.52.

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.