Summit Global Investments Sells 3,199 Shares of Spotify Technology S.A. (NYSE:SPOT)

Summit Global Investments trimmed its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 23.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,224 shares of the company's stock after selling 3,199 shares during the quarter. Summit Global Investments' holdings in Spotify Technology were worth $4,574,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the business. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the 4th quarter worth about $1,335,575,000. Marks Group Wealth Management Inc bought a new position in Spotify Technology in the 4th quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Spotify Technology during the fourth quarter valued at approximately $214,000. Covenant Asset Management LLC acquired a new position in shares of Spotify Technology during the third quarter worth approximately $3,364,000. Finally, Kestra Investment Management LLC bought a new position in Spotify Technology in the 3rd quarter worth approximately $780,000. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the topic of a number of research analyst reports. The Goldman Sachs Group raised their price target on Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a report on Thursday, February 6th. Benchmark boosted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Macquarie increased their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Barclays raised their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a research note on Wednesday, February 5th. Finally, Rosenblatt Securities restated a "neutral" rating and issued a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $540.68.

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Spotify Technology Price Performance

NYSE:SPOT traded up $10.66 during trading hours on Tuesday, reaching $615.37. The company's stock had a trading volume of 682,522 shares, compared to its average volume of 2,337,252. The company has a market cap of $125.97 billion, a price-to-earnings ratio of 103.42 and a beta of 1.66. Spotify Technology S.A. has a one year low of $257.56 and a one year high of $652.63. The business's 50-day moving average is $570.20 and its 200-day moving average is $471.97.

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.