Totem Point Management LLC Sells 10,660 Shares of Spotify Technology S.A. (NYSE:SPOT)

Totem Point Management LLC cut its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 33.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,815 shares of the company's stock after selling 10,660 shares during the quarter. Spotify Technology makes up approximately 9.9% of Totem Point Management LLC's investment portfolio, making the stock its 5th largest position. Totem Point Management LLC's holdings in Spotify Technology were worth $9,312,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Jennison Associates LLC acquired a new position in Spotify Technology in the 4th quarter worth about $1,335,575,000. FMR LLC increased its position in shares of Spotify Technology by 30.2% in the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after buying an additional 473,569 shares in the last quarter. Schroder Investment Management Group raised its stake in shares of Spotify Technology by 0.4% during the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after buying an additional 7,075 shares during the period. GQG Partners LLC acquired a new position in Spotify Technology during the fourth quarter worth $800,725,000. Finally, Geode Capital Management LLC lifted its holdings in Spotify Technology by 561.6% during the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $592.01 on Wednesday. The stock has a market capitalization of $121.19 billion, a price-to-earnings ratio of 99.50 and a beta of 1.75. The business has a 50-day moving average of $573.00 and a 200 day moving average of $502.56. Spotify Technology S.A. has a 12 month low of $271.65 and a 12 month high of $652.63.

Analyst Ratings Changes

SPOT has been the subject of several research analyst reports. Citigroup upped their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Benchmark raised their target price on Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. KeyCorp dropped their price target on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Cantor Fitzgerald lowered their target price on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Finally, Wolfe Research raised shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 price target on the stock in a research note on Monday. Seven 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 stock currently has a consensus rating of "Moderate Buy" and an average target price 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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