Polymer Capital Management HK LTD Has $2.60 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Polymer Capital Management HK LTD cut its holdings in Spotify Technology S.A. (NYSE:SPOT) by 54.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,802 shares of the company’s stock after selling 7,038 shares during the quarter. Polymer Capital Management HK LTD’s holdings in Spotify Technology were worth $2,596,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Jennison Associates LLC bought a new position in shares of Spotify Technology during the 4th quarter valued at $1,335,575,000. GQG Partners LLC bought a new stake in shares of Spotify Technology during the 4th quarter worth about $800,725,000. Forsta AP Fonden bought a new stake in Spotify Technology during the fourth quarter worth approximately $619,600,000. Geode Capital Management LLC grew its holdings in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Spotify Technology in the fourth quarter valued at approximately $396,028,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Down 9.9 %

SPOT stock opened at $502.90 on Friday. The business has a fifty day moving average of $583.28 and a 200-day moving average of $485.42. The company has a market cap of $102.95 billion, a P/E ratio of 84.52 and a beta of 1.75. Spotify Technology S.A. has a twelve month low of $267.76 and a twelve month high of $652.63.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SPOT. FBN Securities initiated coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price objective for the company. Wells Fargo & Company upped their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a report on Friday, March 28th. Guggenheim reaffirmed a “buy” rating and issued a $675.00 price target on shares of Spotify Technology in a research report on Monday, February 24th. Rosenblatt Securities reissued 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. Finally, Morgan Stanley increased their target price on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $557.47.

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.