Wellington Management Group LLP Decreases Position in Spotify Technology S.A. (NYSE:SPOT)

Wellington Management Group LLP lessened its stake in Spotify Technology S.A. (NYSE:SPOT) by 37.7% during the fourth quarter, HoldingsChannel reports. The firm owned 2,537,509 shares of the company’s stock after selling 1,533,473 shares during the period. Wellington Management Group LLP’s holdings in Spotify Technology were worth $1,135,231,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of SPOT. Auxano Advisors LLC increased its holdings in shares of Spotify Technology by 2.5% in the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after purchasing an additional 20 shares during the period. SRS Capital Advisors Inc. grew its position in Spotify Technology by 4.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock worth $256,000 after buying an additional 25 shares in the last quarter. First Horizon Advisors Inc. increased its stake in Spotify Technology by 5.4% in the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock worth $225,000 after acquiring an additional 26 shares during the last quarter. Harbour Investments Inc. raised its holdings in shares of Spotify Technology by 13.3% in the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock valued at $99,000 after acquiring an additional 26 shares in the last quarter. Finally, Cookson Peirce & Co. Inc. boosted its position in shares of Spotify Technology by 1.9% during the 4th quarter. Cookson Peirce & Co. Inc. now owns 1,467 shares of the company’s stock valued at $656,000 after acquiring an additional 27 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $559.76 on Monday. The firm has a market cap of $114.59 billion, a P/E ratio of 94.08 and a beta of 1.66. The business’s 50 day moving average price is $578.28 and its 200-day moving average price is $479.17. Spotify Technology S.A. has a fifty-two week low of $260.80 and a fifty-two week high of $652.63.

Analyst Ratings Changes

A number of brokerages recently weighed in on SPOT. Citigroup raised their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. UBS Group raised their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research report on Wednesday, January 15th. JPMorgan Chase & Co. increased their target price on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $552.47.

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.