Spotify Technology S.A. (NYSE:SPOT) is Marcho Partners LLP's 8th Largest Position

Marcho Partners LLP lessened its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 24.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 44,028 shares of the company's stock after selling 14,370 shares during the period. Spotify Technology accounts for approximately 5.3% of Marcho Partners LLP's portfolio, making the stock its 8th biggest position. Marcho Partners LLP's holdings in Spotify Technology were worth $19,697,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Thrivent Financial for Lutherans lifted its stake in shares of Spotify Technology by 566.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after purchasing an additional 6,782 shares during the last quarter. Jennison Associates LLC purchased a new stake in Spotify Technology in the 4th quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc acquired a new position in Spotify Technology in the fourth quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC purchased a new position in Spotify Technology during the fourth quarter worth about $214,000. Finally, Swedbank AB boosted its holdings in Spotify Technology by 20.9% in the fourth quarter. Swedbank AB now owns 946,129 shares of the company's stock valued at $423,279,000 after purchasing an additional 163,626 shares during the period. Institutional investors and hedge funds own 84.09% of the company's stock.

Spotify Technology Trading Down 2.0 %

Shares of NYSE:SPOT traded down $11.54 on Thursday, reaching $557.52. 1,106,292 shares of the company were exchanged, compared to its average volume of 2,168,774. The company has a 50-day moving average of $583.30 and a 200-day moving average of $490.71. The firm has a market cap of $114.13 billion, a price-to-earnings ratio of 93.58 and a beta of 1.75. Spotify Technology S.A. has a 1-year low of $267.76 and a 1-year high of $652.63.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SPOT shares. Redburn Atlantic began coverage on Spotify Technology in a research report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target on the stock. Benchmark lifted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Wolfe Research reissued a "peer perform" rating on shares of Spotify Technology in a research report on Friday, January 17th. UBS Group decreased their price objective on shares of Spotify Technology from $720.00 to $690.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. 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 report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $555.30.

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.