Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Titleist Asset Management LLC

Titleist Asset Management LLC cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 44.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,769 shares of the company’s stock after selling 15,785 shares during the period. Spotify Technology makes up about 1.0% of Titleist Asset Management LLC’s holdings, making the stock its 20th biggest position. Titleist Asset Management LLC’s holdings in Spotify Technology were worth $8,844,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Spotify Technology by 34.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,189 shares of the company’s stock valued at $807,000 after purchasing an additional 565 shares during the period. HighTower Advisors LLC raised its stake in shares of Spotify Technology by 25.2% in the third quarter. HighTower Advisors LLC now owns 16,549 shares of the company’s stock valued at $6,073,000 after purchasing an additional 3,330 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of Spotify Technology by 5.6% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 1,743 shares of the company’s stock worth $642,000 after acquiring an additional 93 shares during the period. Royal London Asset Management Ltd. boosted its holdings in Spotify Technology by 6.8% during the third quarter. Royal London Asset Management Ltd. now owns 62,661 shares of the company’s stock valued at $23,092,000 after purchasing an additional 3,984 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in Spotify Technology by 14.2% in the 3rd quarter. Quantinno Capital Management LP now owns 9,500 shares of the company’s stock valued at $3,501,000 after buying an additional 1,180 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on SPOT. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Macquarie raised their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. KeyCorp upped their price target on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. JPMorgan Chase & Co. raised their price objective on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Finally, China Renaissance started coverage on shares of Spotify Technology in a research report on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price objective on the stock. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $557.47.

Spotify Technology Trading Down 9.9 %

SPOT opened at $502.90 on Friday. Spotify Technology S.A. has a 1-year low of $267.76 and a 1-year high of $652.63. The company has a market capitalization of $102.95 billion, a PE ratio of 84.52 and a beta of 1.75. The firm’s 50 day simple moving average is $583.28 and its two-hundred day simple moving average is $485.42.

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.