Capital Group Private Client Services Inc. Trims Position in Spotify Technology S.A. (NYSE:SPOT)

Capital Group Private Client Services Inc. lowered its position in Spotify Technology S.A. (NYSE:SPOT) by 8.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 8,910 shares of the company’s stock after selling 779 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in Spotify Technology were worth $3,986,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Capital International Investors grew its holdings in Spotify Technology by 2,063.7% during the 4th quarter. Capital International Investors now owns 352,491 shares of the company’s stock valued at $158,027,000 after buying an additional 336,200 shares in the last quarter. Capital International Sarl bought a new position in shares of Spotify Technology during the 4th quarter valued at about $1,719,000. Wasatch Advisors LP purchased a new position in shares of Spotify Technology during the fourth quarter valued at about $508,000. NewEdge Advisors LLC increased its holdings in shares of Spotify Technology by 37.4% in the fourth quarter. NewEdge Advisors LLC now owns 9,199 shares of the company’s stock worth $4,115,000 after purchasing an additional 2,505 shares during the last quarter. Finally, Insigneo Advisory Services LLC grew its holdings in Spotify Technology by 10.5% during the 4th quarter. Insigneo Advisory Services LLC now owns 1,053 shares of the company’s stock valued at $471,000 after buying an additional 100 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $574.85 on Friday. The company has a market cap of $117.68 billion, a P/E ratio of 96.61 and a beta of 1.75. The stock’s 50-day moving average is $575.74 and its 200 day moving average is $498.86. Spotify Technology S.A. has a 1-year low of $267.76 and a 1-year high of $652.63.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of recent research reports. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. The Goldman Sachs Group lifted their price target on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. UBS Group cut their target price on Spotify Technology from $690.00 to $680.00 and set a “buy” rating on the stock in a research report on Tuesday. Wells Fargo & Company increased their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research note on Friday, March 28th. Finally, FBN Securities assumed coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price target on the stock. Nine analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $564.45.

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.