Artisan Partners Limited Partnership Sells 74,935 Shares of Spotify Technology S.A. (NYSE:SPOT)

Artisan Partners Limited Partnership lessened its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 5.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,302,196 shares of the company’s stock after selling 74,935 shares during the period. Artisan Partners Limited Partnership’s holdings in Spotify Technology were worth $582,576,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Jennison Associates LLC bought a new position in Spotify Technology in the fourth quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc bought a new stake in shares of Spotify Technology during the 4th quarter valued at approximately $535,000. Patriot Financial Group Insurance Agency LLC acquired a new position in Spotify Technology during the 4th quarter worth approximately $214,000. Kestra Investment Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at approximately $780,000. Finally, Swedbank AB boosted its position in Spotify Technology by 20.9% in the fourth quarter. Swedbank AB now owns 946,129 shares of the company’s stock valued at $423,279,000 after buying an additional 163,626 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $576.86 on Thursday. The business has a 50-day simple moving average of $575.00 and a 200 day simple moving average of $474.75. Spotify Technology S.A. has a one year low of $257.56 and a one year high of $652.63. The firm has a market capitalization of $118.09 billion, a price-to-earnings ratio of 96.95 and a beta of 1.66.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SPOT. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. JPMorgan Chase & Co. upped their target price on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Morgan Stanley lifted their price target on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Macquarie upped their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, UBS Group lifted 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. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $547.55.

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.