Mission Wealth Management LP Trims Holdings in Spotify Technology S.A. (NYSE:SPOT)

Mission Wealth Management LP reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 18.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,614 shares of the company’s stock after selling 839 shares during the quarter. Mission Wealth Management LP’s holdings in Spotify Technology were worth $1,617,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. WCM Investment Management LLC boosted its position in shares of Spotify Technology by 18.5% during the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after acquiring an additional 605,755 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after purchasing an additional 102,786 shares during the period. Jennison Associates LLC acquired a new position in Spotify Technology in the 4th quarter valued at about $1,335,575,000. State Street Corp grew its stake in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after buying an additional 28,864 shares during the period. Finally, FMR LLC increased its holdings in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent analyst reports. UBS Group upped their price objective on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. The Goldman Sachs Group increased their price target on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Bank of America boosted their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. KeyCorp increased their target price on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Citigroup boosted their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Stock Down 1.5 %

Shares of NYSE:SPOT opened at $599.01 on Tuesday. Spotify Technology S.A. has a fifty-two week low of $249.58 and a fifty-two week high of $652.63. The firm’s 50 day moving average price is $539.75 and its 200 day moving average price is $448.32. The stock has a market cap of $119.24 billion, a price-to-earnings ratio of 100.67 and a beta of 1.63.

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.