Virtu Financial LLC Reduces Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Virtu Financial LLC lowered its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 28.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,473 shares of the company’s stock after selling 1,362 shares during the period. Virtu Financial LLC’s holdings in Spotify Technology were worth $1,553,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the third quarter worth $26,000. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology during the third quarter worth $33,000. Larson Financial Group LLC lifted its position in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares in the last quarter. Quent Capital LLC lifted its position in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in shares of Spotify Technology during the fourth quarter worth $52,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 0.9 %

Spotify Technology stock opened at $599.64 on Friday. The firm has a 50-day moving average of $567.23 and a 200-day moving average of $469.03. The firm has a market cap of $122.75 billion, a P/E ratio of 100.78 and a beta of 1.66. Spotify Technology S.A. has a 1-year low of $257.56 and a 1-year high of $652.63.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Barclays upped their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Citigroup upped their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Guggenheim reaffirmed a “buy” rating and issued a $675.00 price target on shares of Spotify Technology in a report on Monday, February 24th. Redburn Atlantic assumed coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target on the stock. Finally, Wells Fargo & Company upped their price target on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

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.