River Global Investors LLP Lowers Position in Spotify Technology S.A. (NYSE:SPOT)

River Global Investors LLP lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 43.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 5,721 shares of the company’s stock after selling 4,429 shares during the period. River Global Investors LLP’s holdings in Spotify Technology were worth $2,558,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of SPOT. Jennison Associates LLC bought a new stake in Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. Forsta AP Fonden bought a new stake in shares of Spotify Technology during the 4th quarter worth $619,600,000. WCM Investment Management LLC grew its position in Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after acquiring an additional 605,755 shares in the last quarter. FMR LLC increased its stake in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after acquiring an additional 297,035 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in Spotify Technology in the fourth quarter valued at $125,694,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 2.3 %

Shares of NYSE SPOT opened at $531.15 on Friday. The firm has a fifty day simple moving average of $547.82 and a two-hundred day simple moving average of $452.93. The firm has a market capitalization of $108.73 billion, a PE ratio of 89.27 and a beta of 1.66. Spotify Technology S.A. has a 12 month low of $249.58 and a 12 month high of $652.63.

Analyst Ratings Changes

Several brokerages have issued reports on SPOT. Benchmark lifted their price target on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Macquarie upped their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Pivotal Research increased their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Citigroup boosted their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Finally, Bank of America upped their price objective on shares of Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Company 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.