Intellectus Partners LLC Lowers Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Intellectus Partners LLC reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 5.4% during the 4th quarter, HoldingsChannel reports. The firm owned 1,127 shares of the company’s stock after selling 64 shares during the period. Intellectus Partners LLC’s holdings in Spotify Technology were worth $504,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SPOT shares. KeyCorp lifted their target price on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Canaccord Genuity Group raised their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. TD Cowen raised their price target on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. Macquarie raised their price target on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, Bank of America raised their price target on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Stock Down 2.3 %

NYSE SPOT opened at $531.15 on Friday. Spotify Technology S.A. has a fifty-two week low of $249.58 and a fifty-two week high of $652.63. The stock has a market cap of $108.73 billion, a price-to-earnings ratio of 89.27 and a beta of 1.66. The business has a fifty day moving average of $547.82 and a 200-day moving average of $453.67.

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.