CIBC Private Wealth Group LLC Reduces Stock Position in Spotify Technology S.A. (NYSE:SPOT)

CIBC Private Wealth Group LLC lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 4.0% during the fourth quarter, Holdings Channel reports. The firm owned 1,481 shares of the company’s stock after selling 61 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Spotify Technology were worth $710,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jennison Associates LLC purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. GQG Partners LLC bought a new stake in Spotify Technology in the fourth quarter valued at $800,725,000. Forsta AP Fonden purchased a new position in Spotify Technology during the 4th quarter valued at $619,600,000. Norges Bank bought a new position in Spotify Technology in the 4th quarter worth $396,028,000. Finally, Amundi raised its holdings in Spotify Technology by 194.2% in the 4th quarter. Amundi now owns 750,030 shares of the company’s stock worth $359,812,000 after purchasing an additional 495,087 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 9.9 %

Shares of NYSE:SPOT opened at $502.90 on Friday. 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 capitalization of $102.95 billion, a PE ratio of 84.52 and a beta of 1.75. The firm’s 50 day moving average price is $583.28 and its 200-day moving average price is $484.42.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SPOT. KeyCorp boosted their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. UBS Group reduced their target price on Spotify Technology from $720.00 to $690.00 and set a “buy” rating on the stock in a report on Wednesday. FBN Securities assumed coverage on Spotify Technology in a research note on Friday, March 28th. They issued a “sector perform” rating and a $645.00 target price for the company. 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. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus target price of $557.47.

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.