Zacks Investment Management Lowers Stake in Spotify Technology S.A. (NYSE:SPOT)

Zacks Investment Management lessened its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 14.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 93,245 shares of the company's stock after selling 15,466 shares during the quarter. Zacks Investment Management's holdings in Spotify Technology were worth $41,716,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of Spotify Technology by 6.9% during the third quarter. Geode Capital Management LLC now owns 224,209 shares of the company's stock worth $82,628,000 after purchasing an additional 14,426 shares during the last quarter. M&T Bank Corp grew its position in Spotify Technology by 5.5% during the 3rd quarter. M&T Bank Corp now owns 26,991 shares of the company's stock worth $9,947,000 after purchasing an additional 1,395 shares during the period. Virtu Financial LLC purchased a new position in shares of Spotify Technology during the 3rd quarter valued at about $1,782,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Spotify Technology in the 3rd quarter valued at about $1,477,000. Finally, Franklin Resources Inc. boosted its stake in shares of Spotify Technology by 2.6% in the third quarter. Franklin Resources Inc. now owns 641,720 shares of the company's stock worth $239,041,000 after buying an additional 16,511 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SPOT shares. Rosenblatt Securities reissued a "neutral" rating and issued a $658.00 price target (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price for the company. Cantor Fitzgerald lowered their price target on Spotify Technology from $600.00 to $520.00 and set a "neutral" rating on the stock in a research report on Wednesday. Morgan Stanley increased their target price on Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. Finally, Citigroup boosted their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a report on Friday, February 14th. Nine equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $564.45.

Spotify Technology Price Performance

Spotify Technology stock traded up $11.78 during mid-day trading on Friday, reaching $574.85. The company had a trading volume of 1,731,552 shares, compared to its average volume of 2,185,760. The company has a market capitalization of $117.68 billion, a P/E ratio of 96.61 and a beta of 1.75. The stock's 50-day simple moving average is $575.74 and its 200-day simple moving average is $498.86. Spotify Technology S.A. has a 1 year low of $267.76 and a 1 year 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.