Bank of Montreal Can Cuts Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Bank of Montreal Can reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 17.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 258,302 shares of the company's stock after selling 54,424 shares during the quarter. Bank of Montreal Can owned about 0.13% of Spotify Technology worth $115,559,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of SPOT. Auxano Advisors LLC raised 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 buying an additional 20 shares during the period. SRS Capital Advisors Inc. increased its stake in Spotify Technology by 4.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock worth $256,000 after purchasing an additional 25 shares during the period. First Horizon Advisors Inc. lifted its position in shares of Spotify Technology by 5.4% during the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock worth $225,000 after purchasing an additional 26 shares during the last quarter. Harbour Investments Inc. grew its holdings in shares of Spotify Technology by 13.3% in the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company's stock worth $99,000 after purchasing an additional 26 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. increased its stake in Spotify Technology by 1.9% in the 4th quarter. Cookson Peirce & Co. Inc. now owns 1,467 shares of the company's stock worth $656,000 after buying an additional 27 shares during the period. 84.09% of the stock is owned by institutional investors.

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Spotify Technology Trading Up 1.7 %

SPOT traded up $9.24 on Monday, reaching $552.90. The stock had a trading volume of 741,164 shares, compared to its average volume of 2,176,168. The company has a market cap of $113.18 billion, a P/E ratio of 92.92 and a beta of 1.75. Spotify Technology S.A. has a 12-month low of $267.76 and a 12-month high of $652.63. The business's 50-day moving average price is $581.80 and its two-hundred day moving average price is $493.82.

Wall Street Analyst Weigh In

SPOT has been the subject of several research reports. Wolfe Research reissued a "peer perform" rating on shares of Spotify Technology in a research report on Friday, January 17th. Guggenheim reissued a "buy" rating and issued a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. Canaccord Genuity Group lifted their target price on Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. Benchmark raised their price target on Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Finally, Redburn Atlantic started coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target of $555.30.

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.