Russell Investments Group Ltd. Has $183.77 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Russell Investments Group Ltd. reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 5.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 410,246 shares of the company's stock after selling 23,588 shares during the period. Russell Investments Group Ltd. owned 0.21% of Spotify Technology worth $183,766,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the fourth quarter valued at about $27,000. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology during the 3rd quarter worth approximately $26,000. Hobbs Group Advisors LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at $33,000. Quent Capital LLC grew its position in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after acquiring an additional 57 shares during the period. Finally, Noble Wealth Management PBC acquired a new position in Spotify Technology during the fourth quarter worth $52,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SPOT has been the topic of several recent analyst reports. China Renaissance began coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a "buy" rating and a $740.00 target price on the stock. Rosenblatt Securities reaffirmed a "neutral" rating and set a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. The Goldman Sachs Group increased their price target on Spotify Technology from $550.00 to $695.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Finally, KeyCorp cut their price objective on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research report on Wednesday. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $555.30.

Remove Ads

Spotify Technology Trading Down 1.4 %

Shares of NYSE:SPOT traded down $8.14 on Thursday, hitting $560.92. The company had a trading volume of 1,265,999 shares, compared to its average volume of 2,169,379. The stock has a 50 day moving average price of $583.30 and a 200 day moving average price of $490.71. The stock has a market cap of $114.83 billion, a price-to-earnings ratio of 93.66 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.

Spotify Technology 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.