Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS cut its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 15.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,600 shares of the company's stock after selling 2,600 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Spotify Technology were worth $6,532,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. Jennison Associates LLC acquired a new position in Spotify Technology during the fourth quarter worth about $1,335,575,000. Forsta AP Fonden acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $619,600,000. WCM Investment Management LLC raised its holdings in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company's stock valued at $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Spotify Technology by 36,910.0% during the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company's stock worth $128,073,000 after acquiring an additional 346,585 shares in the last quarter. Finally, FMR LLC boosted its position in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company's stock worth $577,788,000 after acquiring an additional 297,035 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on SPOT shares. Benchmark raised their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Phillip Securities reaffirmed an "accumulate" rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Piper Sandler lifted their price target on Spotify Technology from $330.00 to $450.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Guggenheim increased their price target on shares of Spotify Technology from $520.00 to $675.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Finally, Pivotal Research increased their price target on shares of Spotify Technology from $510.00 to $565.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company's stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average target price of $529.43.

Spotify Technology Trading Down 4.7 %

Shares of NYSE SPOT traded down $29.79 on Friday, reaching $606.98. 2,197,419 shares of the company traded hands, compared to its average volume of 2,063,644. Spotify Technology S.A. has a fifty-two week low of $243.99 and a fifty-two week high of $652.63. The company has a 50 day moving average of $521.07 and a 200 day moving average of $433.77. The stock has a market capitalization of $120.82 billion, a PE ratio of 102.01 and a beta of 1.63.

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.