Russell Investments Group Ltd. Has $183.77 Million Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Russell Investments Group Ltd. cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 5.4% in the fourth quarter, Holdings Channel reports. The firm owned 410,246 shares of the company’s stock after selling 23,588 shares during the quarter. Russell Investments Group Ltd.’s holdings in Spotify Technology were worth $183,766,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the 4th quarter valued at about $27,000. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology in the 3rd quarter worth $33,000. Quent Capital LLC increased its holdings in Spotify Technology by 135.7% during the 4th 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 acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $52,000. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the topic of several research reports. FBN Securities initiated coverage on Spotify Technology in a research note on Friday, March 28th. They issued a “sector perform” rating and a $645.00 target price on the stock. Morgan Stanley raised their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Benchmark increased their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Finally, JPMorgan Chase & Co. increased their price target on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $557.47.

Spotify Technology Stock Down 9.9 %

Shares of Spotify Technology stock opened at $502.90 on Friday. The firm’s 50-day moving average price is $583.28 and its two-hundred day moving average price is $484.42. Spotify Technology S.A. has a 12-month low of $267.76 and a 12-month high of $652.63. The company has a market capitalization of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75.

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.