Magnetar Financial LLC Trims Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Magnetar Financial LLC lessened its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 92.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 775 shares of the company's stock after selling 9,295 shares during the quarter. Magnetar Financial LLC's holdings in Spotify Technology were worth $347,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of SPOT. Thrivent Financial for Lutherans raised its holdings in shares of Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock worth $3,541,000 after purchasing an additional 6,782 shares during the last quarter. Jennison Associates LLC acquired a new stake in Spotify Technology during the 4th quarter worth about $1,335,575,000. Marks Group Wealth Management Inc purchased a new position in shares of Spotify Technology during the 4th quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Spotify Technology during the 4th quarter valued at about $214,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Spotify Technology in the 3rd quarter valued at about $780,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Stock Up 0.7 %

Shares of Spotify Technology stock traded up $3.92 during mid-day trading on Thursday, hitting $580.27. The stock had a trading volume of 2,204,713 shares, compared to its average volume of 2,113,312. The firm has a 50-day moving average of $575.00 and a two-hundred day moving average of $474.75. The firm has a market cap of $118.79 billion, a P/E ratio of 97.52 and a beta of 1.66. Spotify Technology S.A. has a 12-month low of $257.56 and a 12-month high of $652.63.

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Analyst Ratings Changes

Several brokerages recently weighed in on SPOT. Benchmark lifted their price target on Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. UBS Group raised their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a "buy" rating in a research note on Wednesday, January 15th. China Renaissance started coverage on shares of Spotify Technology in a research note on Wednesday. They issued a "buy" rating and a $740.00 target price for the company. The Goldman Sachs Group lifted their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a report on Thursday, February 6th. Finally, Canaccord Genuity Group increased their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $547.55.

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.