Trexquant Investment LP Trims Position in Spotify Technology S.A. (NYSE:SPOT)

Trexquant Investment LP reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 29.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 48,598 shares of the company’s stock after selling 19,897 shares during the quarter. Trexquant Investment LP’s holdings in Spotify Technology were worth $21,742,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology during the third quarter worth about $26,000. Hillsdale Investment Management Inc. purchased a new position in Spotify Technology during the 4th quarter valued at about $27,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology during the third quarter worth about $33,000. Quent Capital LLC grew its position in shares of Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $52,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Trading Down 1.8 %

SPOT stock opened at $551.10 on Tuesday. The firm has a market cap of $112.81 billion, a P/E ratio of 92.62 and a beta of 1.66. The stock’s 50 day simple moving average is $579.58 and its 200 day simple moving average is $480.67. Spotify Technology S.A. has a 12-month low of $260.80 and a 12-month high of $652.63.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SPOT. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price on the stock. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Morgan Stanley lifted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, UBS Group upped their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $552.47.

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.