Royal London Asset Management Ltd. Trims Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Royal London Asset Management Ltd. trimmed its holdings in Spotify Technology S.A. (NYSE:SPOT) by 0.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 62,404 shares of the company’s stock after selling 257 shares during the period. Royal London Asset Management Ltd.’s holdings in Spotify Technology were worth $27,918,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the third quarter worth approximately $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology in the third quarter worth approximately $33,000. Larson Financial Group LLC grew its stake in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares in the last quarter. Quent Capital LLC grew its stake in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC bought a new position in Spotify Technology in the fourth quarter worth approximately $52,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Morgan Stanley increased their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Redburn Atlantic began coverage on Spotify Technology in a research report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price on the stock. The Goldman Sachs Group increased their target price on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Finally, JPMorgan Chase & Co. increased their target price on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Stock Performance

NYSE SPOT opened at $599.64 on Friday. The stock has a 50-day simple moving average of $567.23 and a two-hundred day simple moving average of $468.06. The firm has a market capitalization of $122.75 billion, a P/E ratio of 100.78 and a beta of 1.66. Spotify Technology S.A. has a fifty-two week low of $257.56 and a fifty-two week high of $652.63.

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.