Axxcess Wealth Management LLC Trims Holdings in Spotify Technology S.A. (NYSE:SPOT)

Axxcess Wealth Management LLC reduced its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 4.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 2,814 shares of the company’s stock after selling 125 shares during the period. Axxcess Wealth Management LLC’s holdings in Spotify Technology were worth $1,259,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its position in Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after buying an additional 102,786 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the 4th quarter worth $1,335,575,000. State Street Corp boosted its holdings in shares of Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after acquiring an additional 28,864 shares in the last quarter. FMR LLC increased its stake in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares during the period. Finally, Forsta AP Fonden purchased a new position in Spotify Technology during the fourth quarter worth about $619,600,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SPOT shares. Wells Fargo & Company lifted their price objective on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. The Goldman Sachs Group upped their price objective on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $480.00 price target (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Finally, Barclays raised their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note 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. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Stock Up 1.1 %

Shares of NYSE:SPOT opened at $592.78 on Friday. The business has a fifty day simple moving average of $564.44 and a 200-day simple moving average of $466.28. Spotify Technology S.A. has a 52 week low of $257.56 and a 52 week high of $652.63. The company has a market cap of $121.35 billion, a P/E ratio of 99.63 and a beta of 1.66.

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.