Pinnbrook Capital Management LP Reduces Holdings in Spotify Technology S.A. (NYSE:SPOT)

Pinnbrook Capital Management LP trimmed its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 88.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,612 shares of the company's stock after selling 49,158 shares during the period. Pinnbrook Capital Management LP's holdings in Spotify Technology were worth $2,958,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of SPOT. D.A. Davidson & CO. boosted its holdings in Spotify Technology by 4.8% in the fourth quarter. D.A. Davidson & CO. now owns 10,714 shares of the company's stock worth $4,793,000 after acquiring an additional 487 shares in the last quarter. Truist Financial Corp raised its position in shares of Spotify Technology by 35.4% in the 4th quarter. Truist Financial Corp now owns 26,180 shares of the company's stock valued at $11,712,000 after purchasing an additional 6,845 shares during the last quarter. CIBC Asset Management Inc acquired a new stake in Spotify Technology in the 4th quarter worth approximately $7,597,000. State of New Jersey Common Pension Fund D purchased a new stake in Spotify Technology during the 4th quarter worth approximately $29,431,000. Finally, Strategic Financial Concepts LLC acquired a new position in Spotify Technology during the 4th quarter valued at approximately $56,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 4.7 %

Shares of SPOT stock traded down $29.79 during trading hours on Friday, hitting $606.98. 2,197,419 shares of the company's stock were exchanged, compared to its average volume of 2,063,644. The firm has a 50 day moving average of $523.55 and a two-hundred day moving average of $435.73. Spotify Technology S.A. has a fifty-two week low of $243.99 and a fifty-two week high of $652.63. The firm has a market cap of $120.82 billion, a P/E ratio of 102.01 and a beta of 1.63.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SPOT shares. JPMorgan Chase & Co. boosted their price objective on shares of Spotify Technology from $555.00 to $730.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. The Goldman Sachs Group boosted their price target on Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a research note on Thursday, February 6th. Barclays increased their price objective on Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. Bank of America lifted their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Finally, Macquarie increased their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus target price of $529.43.

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.