T. Rowe Price Investment Management Inc. Sells 119,613 Shares of Spotify Technology S.A. (NYSE:SPOT)

T. Rowe Price Investment Management Inc. cut its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 9.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,163,193 shares of the company's stock after selling 119,613 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 0.58% of Spotify Technology worth $520,390,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of SPOT. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology during the fourth quarter worth approximately $27,000. Quent Capital LLC grew its holdings in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after purchasing an additional 57 shares during the last quarter. Noble Wealth Management PBC bought a new position in shares of Spotify Technology during the 4th quarter valued at $52,000. Strategic Financial Concepts LLC purchased a new position in Spotify Technology in the 4th quarter worth $56,000. Finally, Larson Financial Group LLC lifted its stake in Spotify Technology by 48.5% in the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company's stock worth $64,000 after purchasing an additional 47 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 5.9 %

SPOT stock opened at $592.01 on Wednesday. The business has a 50 day moving average of $573.00 and a 200 day moving average of $502.56. The firm has a market cap of $121.19 billion, a PE ratio of 99.50 and a beta of 1.75. Spotify Technology S.A. has a twelve month low of $271.65 and a twelve month high of $652.63.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. 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 research note on Friday, March 28th. Wolfe Research upgraded Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price objective for the company in a research report on Monday. Rosenblatt Securities restated a "neutral" rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a report on Thursday, February 6th. Finally, KeyCorp cut their price target on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Seven equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of "Moderate Buy" and a consensus price target of $585.32.

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.

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