FIL Ltd Sells 126,351 Shares of Spotify Technology S.A. (NYSE:SPOT)

FIL Ltd reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 46.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 146,337 shares of the company's stock after selling 126,351 shares during the quarter. FIL Ltd owned approximately 0.07% of Spotify Technology worth $65,468,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Auxano Advisors LLC boosted its holdings in shares of Spotify Technology by 2.5% during the fourth quarter. Auxano Advisors LLC now owns 828 shares of the company's stock worth $370,000 after purchasing an additional 20 shares during the period. SRS Capital Advisors Inc. raised its position in Spotify Technology by 4.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 573 shares of the company's stock valued at $256,000 after purchasing an additional 25 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in Spotify Technology by 5.4% in the 4th quarter. First Horizon Advisors Inc. now owns 504 shares of the company's stock worth $225,000 after buying an additional 26 shares during the period. Harbour Investments Inc. grew its position in shares of Spotify Technology by 13.3% in the 4th quarter. Harbour Investments Inc. now owns 222 shares of the company's stock worth $99,000 after buying an additional 26 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. increased its stake in shares of Spotify Technology by 1.9% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 1,467 shares of the company's stock valued at $656,000 after buying an additional 27 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

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Spotify Technology Price Performance

Spotify Technology stock traded up $25.58 during mid-day trading on Tuesday, reaching $574.75. 1,324,782 shares of the stock traded hands, compared to its average volume of 2,406,023. Spotify Technology S.A. has a 12-month low of $267.76 and a 12-month high of $652.63. The business's 50-day moving average is $580.24 and its 200-day moving average is $495.06. The stock has a market capitalization of $117.66 billion, a PE ratio of 96.60 and a beta of 1.75.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SPOT. Citigroup lifted their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a report on Friday, February 14th. JPMorgan Chase & Co. cut their target price on shares of Spotify Technology from $730.00 to $640.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Morgan Stanley increased 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. Guggenheim restated a "buy" rating and issued a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Finally, Macquarie upped their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $555.30.

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.