Nikko Asset Management Americas Inc. Decreases Position in Spotify Technology S.A. (NYSE:SPOT)

Nikko Asset Management Americas Inc. decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 16.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 325,436 shares of the company’s stock after selling 65,254 shares during the quarter. Spotify Technology comprises approximately 1.6% of Nikko Asset Management Americas Inc.’s investment portfolio, making the stock its 16th largest holding. Nikko Asset Management Americas Inc.’s holdings in Spotify Technology were worth $145,594,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology in the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology during the third quarter worth $33,000. Larson Financial Group LLC grew its holdings in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares during the period. Quent Capital LLC boosted its position in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in Spotify Technology during the fourth quarter worth $52,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

NYSE SPOT opened at $576.02 on Monday. Spotify Technology S.A. has a twelve month low of $249.58 and a twelve month high of $652.63. The stock has a market capitalization of $117.92 billion, a PE ratio of 96.81 and a beta of 1.66. The stock has a 50-day simple moving average of $555.35 and a 200 day simple moving average of $461.13.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research analyst reports. UBS Group boosted their target price on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Benchmark increased their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Citigroup upped their price target on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Canaccord Genuity Group upped their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Finally, Guggenheim reiterated a “buy” rating and issued a $675.00 target price on shares of Spotify Technology in a research note on Monday, February 24th. Eight equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $540.68.

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.