Alliancebernstein L.P. Lowers Position in Spotify Technology S.A. (NYSE:SPOT)

Alliancebernstein L.P. lowered its position in Spotify Technology S.A. (NYSE:SPOT) by 12.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 106,361 shares of the company’s stock after selling 15,526 shares during the quarter. Alliancebernstein L.P.’s holdings in Spotify Technology were worth $47,584,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $26,000. Hillsdale Investment Management Inc. acquired a new stake in Spotify Technology in the fourth quarter valued at $27,000. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology during the 3rd quarter worth $33,000. Quent Capital LLC boosted its position in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new position in shares of Spotify Technology during the 4th quarter worth $52,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 9.9 %

NYSE:SPOT opened at $502.90 on Friday. The firm’s fifty day simple moving average is $583.28 and its 200 day simple moving average is $484.42. Spotify Technology S.A. has a twelve month low of $267.76 and a twelve month high of $652.63. The firm has a market capitalization of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75.

Wall Street Analyst Weigh In

A number of research firms recently commented on SPOT. 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 objective on the stock. Guggenheim reissued a “buy” rating and set a $675.00 price target on shares of Spotify Technology in a research note on Monday, February 24th. The Goldman Sachs Group raised their price objective on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Finally, Citigroup upped their price objective on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Nine investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $557.47.

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.