Global Retirement Partners LLC Sells 784 Shares of Spotify Technology S.A. (NYSE:SPOT)

Global Retirement Partners LLC lowered its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 19.9% in the fourth quarter, HoldingsChannel reports. The firm owned 3,156 shares of the company’s stock after selling 784 shares during the period. Global Retirement Partners LLC’s holdings in Spotify Technology were worth $1,412,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of SPOT. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology in the third quarter valued at $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology during the 3rd quarter worth about $33,000. Larson Financial Group LLC boosted its holdings in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the period. Quent Capital LLC grew its stake in Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after buying an additional 57 shares during the last quarter. Finally, Rakuten Securities Inc. raised its holdings in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after acquiring an additional 32 shares during the period. Institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Rosenblatt Securities restated a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Citigroup boosted their price target on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. Guggenheim upped their price objective on Spotify Technology from $520.00 to $675.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Piper Sandler lifted their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $529.43.

Spotify Technology Trading Down 4.7 %

SPOT stock opened at $606.98 on Friday. The firm has a 50-day moving average price of $523.55 and a 200-day moving average price of $435.73. 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 P/E ratio of 102.01 and a beta of 1.63.

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.