Wellington Management Group LLP Sells 1,533,473 Shares of Spotify Technology S.A. (NYSE:SPOT)

Wellington Management Group LLP reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 37.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,537,509 shares of the company’s stock after selling 1,533,473 shares during the period. Wellington Management Group LLP owned about 1.24% of Spotify Technology worth $1,135,231,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jennison Associates LLC bought a new stake in Spotify Technology during the 4th quarter worth approximately $1,335,575,000. State Street Corp grew its stake 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 worth $736,073,000 after purchasing an additional 28,864 shares during the last quarter. Schroder Investment Management Group increased its holdings in Spotify Technology by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock valued at $855,810,000 after purchasing an additional 7,075 shares during the period. GQG Partners LLC bought a new position in Spotify Technology during the 4th quarter worth $800,725,000. Finally, Forsta AP Fonden acquired a new position in Spotify Technology during the 4th quarter worth about $619,600,000. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SPOT shares. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Redburn Atlantic began coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target for the company. Finally, Barclays lifted their price objective on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $552.47.

Spotify Technology Stock Performance

NYSE:SPOT opened at $559.76 on Monday. Spotify Technology S.A. has a 52 week low of $260.80 and a 52 week high of $652.63. The firm has a 50-day moving average price of $578.28 and a two-hundred day moving average price of $479.17. The firm has a market cap of $114.59 billion, a price-to-earnings ratio of 94.08 and a beta of 1.66.

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.