Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 4.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,814 shares of the company’s stock after selling 125 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Spotify Technology were worth $1,259,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter worth $1,335,575,000. Forsta AP Fonden acquired a new stake in Spotify Technology in the 4th quarter valued at $619,600,000. Amundi raised its position in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock valued at $359,812,000 after purchasing an additional 495,087 shares during the period. Swiss National Bank acquired a new position in shares of Spotify Technology during the fourth quarter worth about $189,197,000. Finally, FMR LLC boosted its position in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $592.78 on Friday. Spotify Technology S.A. has a one year low of $257.56 and a one year high of $652.63. The company has a 50-day simple moving average of $564.44 and a 200-day simple moving average of $466.28. The firm has a market capitalization of $121.35 billion, a P/E ratio of 99.63 and a beta of 1.66.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. UBS Group boosted their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Redburn Atlantic began coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target for the company. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, The Goldman Sachs Group raised their target price on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of “Moderate Buy” and an average price target of $540.68.

About Spotify Technology

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.