Virtu Financial LLC Decreases Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Virtu Financial LLC lowered its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 28.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,473 shares of the company's stock after selling 1,362 shares during the quarter. Virtu Financial LLC's holdings in Spotify Technology were worth $1,553,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its stake in shares of Spotify Technology by 12.4% during the third quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company's stock worth $4,335,000 after purchasing an additional 1,299 shares during the last quarter. Avior Wealth Management LLC increased its position in Spotify Technology by 12.0% during the third quarter. Avior Wealth Management LLC now owns 281 shares of the company's stock worth $104,000 after buying an additional 30 shares in the last quarter. Commerce Bank raised its position in shares of Spotify Technology by 405.3% in the third quarter. Commerce Bank now owns 11,769 shares of the company's stock valued at $4,337,000 after buying an additional 9,440 shares during the last quarter. First Horizon Advisors Inc. increased its stake in Spotify Technology by 5.8% in the third quarter. First Horizon Advisors Inc. now owns 478 shares of the company's stock valued at $176,000 after purchasing an additional 26 shares during the last quarter. Finally, Intech Investment Management LLC boosted its position in shares of Spotify Technology by 57.0% in the third quarter. Intech Investment Management LLC now owns 1,699 shares of the company's stock worth $626,000 after acquiring an additional 617 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

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Spotify Technology Stock Up 0.7 %

Shares of Spotify Technology stock traded up $3.92 during trading on Thursday, hitting $580.27. 2,204,713 shares of the stock traded hands, compared to its average volume of 2,113,315. The firm's fifty day moving average is $575.00 and its 200-day moving average is $474.75. The stock has a market cap of $118.79 billion, a price-to-earnings ratio of 97.52 and a beta of 1.66. Spotify Technology S.A. has a 52 week low of $257.56 and a 52 week high of $652.63.

Analysts Set New Price Targets

SPOT has been the subject of several analyst reports. Barclays upped their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 5th. KeyCorp increased their target price on Spotify Technology from $555.00 to $600.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Guggenheim reiterated a "buy" rating and set a $675.00 price target on shares of Spotify Technology in a research report on Monday, February 24th. Canaccord Genuity Group lifted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. Eight 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 MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus price target of $547.55.

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.