Advisory Services Network LLC Trims Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Advisory Services Network LLC cut its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 54.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,931 shares of the company's stock after selling 2,274 shares during the quarter. Advisory Services Network LLC's holdings in Spotify Technology were worth $864,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology in the fourth quarter worth $27,000. Quent Capital LLC increased its holdings in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after buying an additional 57 shares in the last quarter. Noble Wealth Management PBC purchased a new position in Spotify Technology in the 4th quarter worth about $52,000. Strategic Financial Concepts LLC bought a new position in Spotify Technology during the 4th quarter valued at about $56,000. Finally, Larson Financial Group LLC boosted its stake in shares of Spotify Technology by 48.5% in the 4th quarter. Larson Financial Group LLC now owns 144 shares of the company's stock worth $64,000 after buying an additional 47 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Up 2.1 %

Shares of SPOT stock traded up $11.78 during trading hours on Friday, reaching $574.85. 1,731,552 shares of the company's stock were exchanged, compared to its average volume of 2,185,760. The company has a market cap of $117.68 billion, a price-to-earnings ratio of 96.61 and a beta of 1.75. Spotify Technology S.A. has a fifty-two week low of $267.76 and a fifty-two week high of $652.63. The stock's 50 day moving average is $575.74 and its 200-day moving average is $498.86.

Analysts Set New Price Targets

Several research firms have recently commented on SPOT. FBN Securities assumed coverage on shares of Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target for the company. Morgan Stanley raised their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. UBS Group reduced their price target on Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a research report on Tuesday. Barclays lifted their price objective on Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. Finally, KeyCorp decreased their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Nine analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus target price of $564.45.

About Spotify Technology

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.