Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Machina Capital S.A.S.

Machina Capital S.A.S. trimmed its stake in Spotify Technology S.A. (NYSE:SPOT) by 61.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,610 shares of the company’s stock after selling 2,583 shares during the quarter. Machina Capital S.A.S.’s holdings in Spotify Technology were worth $720,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter worth $1,335,575,000. Forsta AP Fonden acquired a new stake in shares of Spotify Technology in the fourth quarter worth $619,600,000. WCM Investment Management LLC boosted its position in shares of Spotify Technology by 18.5% in the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after buying an additional 605,755 shares during the period. FMR LLC boosted its position in shares of Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares during the period. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Spotify Technology in the fourth quarter worth $125,694,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Spotify Technology stock opened at $531.15 on Friday. The business’s 50-day simple moving average is $547.82 and its 200-day simple moving average is $453.67. The firm has a market capitalization of $108.73 billion, a PE ratio of 89.27 and a beta of 1.66. Spotify Technology S.A. has a 52 week low of $249.58 and a 52 week high of $652.63.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SPOT shares. Citigroup lifted their price objective on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Macquarie lifted their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Piper Sandler lifted their price objective on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Finally, Barclays lifted their price objective on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $529.43.

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.