Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Titleist Asset Management LLC

Titleist Asset Management LLC cut its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 44.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,769 shares of the company's stock after selling 15,785 shares during the period. Spotify Technology accounts for about 1.0% of Titleist Asset Management LLC's portfolio, making the stock its 20th largest position. Titleist Asset Management LLC's holdings in Spotify Technology were worth $8,844,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Jennison Associates LLC acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $1,335,575,000. GQG Partners LLC purchased a new position in Spotify Technology during the 4th quarter worth approximately $800,725,000. Forsta AP Fonden acquired a new stake in Spotify Technology during the 4th quarter valued at approximately $619,600,000. Geode Capital Management LLC boosted its holdings in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after acquiring an additional 1,259,183 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Spotify Technology in the fourth quarter worth $396,028,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on SPOT. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $658.00 price target (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Barclays upped their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. decreased their price target on Spotify Technology from $730.00 to $640.00 and set an "overweight" rating for the company in a report on Tuesday. Guggenheim reaffirmed a "buy" rating and set a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. Finally, Wells Fargo & Company boosted 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. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $555.30.

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Spotify Technology Stock Down 0.9 %

Shares of Spotify Technology stock traded down $5.21 on Friday, hitting $547.81. 956,857 shares of the company were exchanged, compared to its average volume of 2,169,936. The company has a 50-day moving average price of $583.39 and a 200 day moving average price of $491.92. The stock has a market capitalization of $112.14 billion, a price-to-earnings ratio of 92.33 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 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.