Summit Global Investments Reduces Position in Spotify Technology S.A. (NYSE:SPOT)

Summit Global Investments decreased its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 23.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 10,224 shares of the company’s stock after selling 3,199 shares during the quarter. Summit Global Investments’ holdings in Spotify Technology were worth $4,574,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of SPOT. Jennison Associates LLC purchased a new position in Spotify Technology during the fourth quarter worth $1,335,575,000. Forsta AP Fonden acquired a new stake in shares of Spotify Technology during the fourth quarter worth $619,600,000. Amundi boosted its holdings in shares of Spotify Technology by 194.2% during the fourth quarter. Amundi now owns 750,030 shares of the company’s stock worth $359,812,000 after purchasing an additional 495,087 shares during the last quarter. Swiss National Bank acquired a new stake in shares of Spotify Technology during the fourth quarter worth $189,197,000. Finally, FMR LLC boosted its holdings 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 purchasing an additional 297,035 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SPOT. Wells Fargo & Company raised their price objective on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Guggenheim restated a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Rosenblatt Securities restated a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Citigroup lifted their target price on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $540.68.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $599.64 on Friday. Spotify Technology S.A. has a 1 year low of $257.56 and a 1 year high of $652.63. The firm has a market cap of $122.75 billion, a price-to-earnings ratio of 100.78 and a beta of 1.66. The stock’s 50-day simple moving average is $567.23 and its 200-day simple moving average is $468.06.

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.