Wellington Management Group LLP Sells 1,533,473 Shares of Spotify Technology S.A. (NYSE:SPOT)

Wellington Management Group LLP reduced its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 37.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,537,509 shares of the company's stock after selling 1,533,473 shares during the quarter. Wellington Management Group LLP owned 1.24% of Spotify Technology worth $1,135,231,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SPOT. O Shaughnessy Asset Management LLC boosted its holdings in shares of Spotify Technology by 18.5% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 22,598 shares of the company's stock worth $10,110,000 after buying an additional 3,536 shares during the period. Clearbridge Investments LLC purchased a new position in Spotify Technology during the 4th quarter valued at about $142,773,000. RWA Wealth Partners LLC boosted its holdings in shares of Spotify Technology by 1.9% during the fourth quarter. RWA Wealth Partners LLC now owns 4,320 shares of the company's stock worth $1,933,000 after purchasing an additional 80 shares during the period. Schroder Investment Management Group increased its stake in Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock valued at $855,810,000 after buying an additional 7,075 shares during the period. Finally, Maridea Wealth Management LLC acquired a new stake in shares of Spotify Technology during the 4th quarter valued at $381,000. 84.09% of the stock is owned by institutional investors and hedge funds.

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Spotify Technology Stock Up 2.4 %

SPOT traded up $13.44 during trading on Wednesday, reaching $565.17. 1,919,603 shares of the stock traded hands, compared to its average volume of 2,162,202. The stock's 50-day moving average is $580.87 and its 200 day moving average is $482.18. Spotify Technology S.A. has a 12 month low of $261.38 and a 12 month high of $652.63. The stock has a market capitalization of $115.69 billion, a PE ratio of 94.99 and a beta of 1.66.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SPOT shares. The Goldman Sachs Group upped their target price on Spotify Technology from $550.00 to $695.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. FBN Securities began coverage on shares of Spotify Technology in a research note on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target on the stock. Cantor Fitzgerald reissued a "neutral" rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Morgan Stanley upped their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. Finally, Macquarie raised their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a research note on Thursday, January 30th. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $557.47.

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.