Magnetar Financial LLC Sells 9,295 Shares of Spotify Technology S.A. (NYSE:SPOT)

Magnetar Financial LLC cut its holdings in Spotify Technology S.A. (NYSE:SPOT) by 92.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 775 shares of the company’s stock after selling 9,295 shares during the period. Magnetar Financial LLC’s holdings in Spotify Technology were worth $347,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Jennison Associates LLC bought a new position in Spotify Technology in the 4th quarter worth approximately $1,335,575,000. Marks Group Wealth Management Inc bought a new position in Spotify Technology in the 4th quarter worth approximately $535,000. Patriot Financial Group Insurance Agency LLC bought a new position in Spotify Technology in the 4th quarter valued at $214,000. Kestra Investment Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at $780,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Spotify Technology by 12.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company’s stock valued at $4,335,000 after purchasing an additional 1,299 shares during the period. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Up 0.9 %

Shares of SPOT opened at $599.64 on Friday. The firm’s 50-day moving average price is $567.23 and its 200-day moving average price is $469.03. The firm has a market capitalization of $122.75 billion, a price-to-earnings ratio of 100.78 and a beta of 1.66. Spotify Technology S.A. has a 1-year low of $257.56 and a 1-year high of $652.63.

Analyst Upgrades and Downgrades

SPOT has been the subject of several analyst reports. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. The Goldman Sachs Group raised their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Citigroup raised their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Wells Fargo & Company raised their price target on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

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.