Magnetar Financial LLC Sells 9,295 Shares of Spotify Technology S.A. (NYSE:SPOT)

Magnetar Financial LLC decreased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 92.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 775 shares of the company’s stock after selling 9,295 shares during the quarter. Magnetar Financial LLC’s holdings in Spotify Technology were worth $347,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology during the third quarter valued at $26,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology during the third quarter valued at $33,000. Larson Financial Group LLC boosted its position in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after acquiring an additional 33 shares during the last quarter. Quent Capital LLC boosted its position in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after acquiring an additional 57 shares during the last quarter. Finally, Noble Wealth Management PBC bought a new stake in Spotify Technology during the fourth quarter valued at $52,000. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. KeyCorp upped their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Benchmark increased their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Wells Fargo & Company increased their price objective on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. Finally, Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $540.68.

Spotify Technology Stock Up 0.9 %

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

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.