Spotify Technology S.A. (NYSE:SPOT) Stock Position Trimmed by Truxt Investmentos Ltda.

Truxt Investmentos Ltda. decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 30.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,696 shares of the company's stock after selling 2,514 shares during the quarter. Spotify Technology comprises about 4.2% of Truxt Investmentos Ltda.'s investment portfolio, making the stock its 10th largest position. Truxt Investmentos Ltda.'s holdings in Spotify Technology were worth $2,573,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology during the 3rd quarter valued at approximately $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology during the third quarter worth $33,000. Larson Financial Group LLC increased its position in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company's stock valued at $36,000 after acquiring an additional 33 shares during the last quarter. Quent Capital LLC raised its stake in shares of Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after acquiring an additional 57 shares during the period. Finally, Rakuten Securities Inc. lifted its holdings in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company's stock worth $41,000 after acquiring an additional 32 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Performance

NYSE:SPOT traded down $29.79 during midday trading on Friday, reaching $606.98. 2,197,419 shares of the stock traded hands, compared to its average volume of 2,063,644. The business has a 50-day moving average of $521.07 and a two-hundred day moving average of $433.77. Spotify Technology S.A. has a 12-month low of $243.99 and a 12-month high of $652.63. The stock has a market capitalization of $120.82 billion, a PE ratio of 102.01 and a beta of 1.63.

Wall Street Analyst Weigh In

SPOT has been the subject of several analyst reports. Citigroup raised their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research note on Friday, February 14th. Macquarie boosted their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Morgan Stanley lifted their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 5th. Finally, The Goldman Sachs Group upped their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a "buy" rating in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $529.43.

About Spotify Technology

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.