Massachusetts Financial Services Co. MA trimmed its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 2.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,414,435 shares of the company's stock after selling 77,735 shares during the period. Massachusetts Financial Services Co. MA owned about 1.72% of Spotify Technology worth $1,527,550,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Jennison Associates LLC bought a new position in Spotify Technology in the 4th quarter valued at $1,335,575,000. GQG Partners LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at $800,725,000. Forsta AP Fonden bought a new position in shares of Spotify Technology in the fourth quarter valued at about $619,600,000. Geode Capital Management LLC lifted its position in Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after buying an additional 1,259,183 shares in the last quarter. Finally, Norges Bank bought a new stake in Spotify Technology during the 4th quarter worth about $396,028,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of equities analysts have weighed in on SPOT shares. Guggenheim reiterated a "buy" rating and set a $675.00 target price on shares of Spotify Technology in a research report on Monday, February 24th. KeyCorp upped their price objective on Spotify Technology from $555.00 to $600.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Macquarie lifted their target price on Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Morgan Stanley upped their price target on Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a research note on Wednesday, February 5th. Finally, Citigroup lifted their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $557.47.
Read Our Latest Report on Spotify Technology
Spotify Technology Stock Performance
SPOT traded down $6.93 on Thursday, hitting $558.48. 2,961,361 shares of the company were exchanged, compared to its average volume of 2,156,520. The stock's fifty day moving average is $583.45 and its 200-day moving average is $483.28. Spotify Technology S.A. has a 12 month low of $267.76 and a 12 month high of $652.63. The company has a market cap of $114.32 billion, a PE ratio of 93.86 and a beta of 1.75.
Spotify Technology Profile
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Free Report)
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.
Further Reading
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