AlphaCrest Capital Management LLC decreased its position in Spotify Technology S.A. (NYSE:SPOT – Get Rating) by 55.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,860 shares of the company’s stock after selling 8,452 shares during the period. AlphaCrest Capital Management LLC’s holdings in Spotify Technology were worth $592,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of SPOT. Kore Private Wealth LLC purchased a new stake in shares of Spotify Technology in the 3rd quarter worth $267,000. Guggenheim Capital LLC raised its holdings in shares of Spotify Technology by 13.2% in the third quarter. Guggenheim Capital LLC now owns 2,807 shares of the company’s stock valued at $242,000 after acquiring an additional 328 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Spotify Technology by 29.9% in the third quarter. Renaissance Technologies LLC now owns 768,500 shares of the company’s stock worth $66,322,000 after acquiring an additional 176,800 shares during the period. Verition Fund Management LLC grew its holdings in Spotify Technology by 7.5% during the 3rd quarter. Verition Fund Management LLC now owns 8,022 shares of the company’s stock worth $692,000 after acquiring an additional 558 shares in the last quarter. Finally, Boothbay Fund Management LLC purchased a new position in Spotify Technology during the 3rd quarter valued at about $261,000. Institutional investors own 52.80% of the company’s stock.
Spotify Technology Stock Performance
Shares of SPOT opened at $126.99 on Thursday. The stock has a 50-day moving average of $107.62 and a two-hundred day moving average of $94.50. The stock has a market cap of $24.55 billion, a P/E ratio of -41.10 and a beta of 1.75. Spotify Technology S.A. has a one year low of $69.29 and a one year high of $160.06.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on SPOT shares. Raymond James upped their price target on shares of Spotify Technology from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 1st. Atlantic Securities raised Spotify Technology from a “neutral” rating to an “overweight” rating and set a $160.00 target price on the stock in a research report on Monday, February 6th. JPMorgan Chase & Co. boosted their price target on Spotify Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 1st. UBS Group dropped their price objective on Spotify Technology from $142.00 to $100.00 in a research report on Thursday, January 5th. Finally, Pivotal Research lifted their target price on Spotify Technology from $100.00 to $130.00 and gave the company a “hold” rating in a research note on Wednesday, February 1st. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.73.
About Spotify Technology
Spotify Technology SA is a digital music service offering music fans instant access to a world of music. It operates through the Premium and Ad-Supported segments. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access of music and podcasts on computers, tablets, and mobile devices.
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