Polymer Capital Management HK LTD Cuts Position in Spotify Technology S.A. (NYSE:SPOT)

Polymer Capital Management HK LTD lowered its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 54.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,802 shares of the company's stock after selling 7,038 shares during the period. Polymer Capital Management HK LTD's holdings in Spotify Technology were worth $2,596,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Jennison Associates LLC purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. GQG Partners LLC purchased a new position in Spotify Technology in the fourth quarter worth $800,725,000. Forsta AP Fonden bought a new position in Spotify Technology in the fourth quarter valued at $619,600,000. Geode Capital Management LLC raised its position in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares in the last quarter. Finally, Norges Bank bought a new stake in Spotify Technology during the fourth quarter worth about $396,028,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SPOT shares. Wells Fargo & Company raised their price objective on Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, March 28th. UBS Group lowered their price objective on shares of Spotify Technology from $720.00 to $690.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. JPMorgan Chase & Co. reduced their target price on shares of Spotify Technology from $730.00 to $640.00 and set an "overweight" rating on the stock in a report on Tuesday. Morgan Stanley boosted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. Finally, Barclays raised their price objective on Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a research note on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company's stock. Based on data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $555.30.

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Spotify Technology Price Performance

SPOT stock traded down $4.62 during midday trading on Friday, hitting $548.40. The stock had a trading volume of 1,077,370 shares, compared to its average volume of 2,170,446. The business has a 50-day moving average of $583.39 and a two-hundred day moving average of $491.92. The firm has a market cap of $112.26 billion, a price-to-earnings ratio of 91.66 and a beta of 1.75. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week high of $652.63.

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.