Envestnet Asset Management Inc. trimmed its holdings in shares of Spotify Technology S.A. (NYSE:SPOT – Get Rating) by 5.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,558 shares of the company’s stock after selling 1,019 shares during the period. Envestnet Asset Management Inc.’s holdings in Spotify Technology were worth $1,307,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of SPOT. BlackRock Inc. increased its holdings in Spotify Technology by 20.2% in the third quarter. BlackRock Inc. now owns 4,214,562 shares of the company’s stock valued at $363,717,000 after buying an additional 707,653 shares in the last quarter. Alecta Tjanstepension Omsesidigt grew its holdings in Spotify Technology by 29.3% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 3,925,600 shares of the company’s stock valued at $309,848,000 after purchasing an additional 890,000 shares during the last quarter. State Street Corp raised its stake in shares of Spotify Technology by 0.5% during the 2nd quarter. State Street Corp now owns 1,511,243 shares of the company’s stock worth $141,800,000 after buying an additional 7,906 shares during the last quarter. Tremblant Capital Group boosted its position in shares of Spotify Technology by 5.0% in the 3rd quarter. Tremblant Capital Group now owns 790,113 shares of the company’s stock worth $68,187,000 after buying an additional 37,680 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in Spotify Technology by 29.9% in the 3rd quarter. Renaissance Technologies LLC now owns 768,500 shares of the company’s stock valued at $66,322,000 after acquiring an additional 176,800 shares during the last quarter. 52.80% of the stock is currently owned by hedge funds and other institutional investors.
Spotify Technology Trading Down 0.6 %
SPOT stock opened at $147.67 on Wednesday. The company has a market cap of $28.09 billion, a PE ratio of -32.31 and a beta of 1.76. The stock has a 50-day moving average price of $136.00 and a two-hundred day moving average price of $110.03. Spotify Technology S.A. has a 12-month low of $69.29 and a 12-month high of $152.30.
Analyst Ratings Changes
Several analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, February 1st. Loop Capital raised their price target on Spotify Technology from $110.00 to $130.00 in a research report on Wednesday, April 26th. VNET Group reissued a “maintains” rating on shares of Spotify Technology in a report on Wednesday, April 26th. Robert W. Baird started coverage on Spotify Technology in a research note on Tuesday, April 11th. They set an “outperform” rating and a $160.00 price objective on the stock. Finally, Wells Fargo & Company raised shares of Spotify Technology from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $121.00 to $180.00 in a research note on Monday, February 6th. Seven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average price target of $143.75.
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.
Read More
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