Trexquant Investment LP Trims Holdings in Spotify Technology S.A. (NYSE:SPOT)

Trexquant Investment LP lessened its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 29.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 48,598 shares of the company's stock after selling 19,897 shares during the quarter. Trexquant Investment LP's holdings in Spotify Technology were worth $21,742,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology during the third quarter valued at $26,000. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology during the 4th quarter valued at about $27,000. Hobbs Group Advisors LLC purchased a new position in shares of Spotify Technology during the third quarter worth about $33,000. Quent Capital LLC increased its position in shares of Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after purchasing an additional 57 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in Spotify Technology in the fourth quarter valued at approximately $52,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SPOT shares. Rosenblatt Securities reissued a "neutral" rating and issued a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Macquarie increased their target price on Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Barclays lifted their price target on Spotify Technology from $475.00 to $710.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. FBN Securities started coverage on Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price objective on the stock. Finally, Guggenheim reissued a "buy" rating and set a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company's stock. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $557.47.

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Spotify Technology Price Performance

SPOT traded up $13.44 on Wednesday, hitting $565.17. The company had a trading volume of 1,919,603 shares, compared to its average volume of 2,163,134. The stock has a fifty day simple moving average of $582.30 and a 200-day simple moving average of $482.76. The firm has a market capitalization of $115.69 billion, a P/E ratio of 94.99 and a beta of 1.66. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week 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.