CIBC Private Wealth Group LLC Decreases Stake in Spotify Technology S.A. (NYSE:SPOT)

CIBC Private Wealth Group LLC lessened its holdings in Spotify Technology S.A. (NYSE:SPOT) by 4.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,481 shares of the company’s stock after selling 61 shares during the period. CIBC Private Wealth Group LLC’s holdings in Spotify Technology were worth $710,000 at the end of the most recent reporting period.

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

Spotify Technology Price Performance

SPOT opened at $502.90 on Friday. Spotify Technology S.A. has a 1 year low of $267.76 and a 1 year high of $652.63. The stock’s 50 day simple moving average is $583.28 and its 200 day simple moving average is $484.42. The firm has a market cap of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Canaccord Genuity Group raised their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Barclays boosted their target price on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. UBS Group cut their price target on Spotify Technology from $720.00 to $690.00 and set a “buy” rating for the company in a research note on Wednesday. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Nine research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from 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.