Alliancebernstein L.P. Cuts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Alliancebernstein L.P. decreased its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,361 shares of the company’s stock after selling 15,526 shares during the period. Alliancebernstein L.P. owned about 0.05% of Spotify Technology worth $47,584,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SPOT. Jennison Associates LLC purchased a new position in shares of Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. GQG Partners LLC acquired a new stake in Spotify Technology during the 4th quarter worth approximately $800,725,000. Forsta AP Fonden purchased a new position in Spotify Technology in the 4th quarter valued at approximately $619,600,000. Norges Bank acquired a new position in shares of Spotify Technology in the fourth quarter worth $396,028,000. Finally, Amundi grew its stake in shares of Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock worth $359,812,000 after acquiring an additional 495,087 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 9.9 %

Shares of SPOT stock opened at $502.90 on Friday. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week high of $652.63. The stock’s 50-day moving average price is $583.28 and its 200 day moving average price is $484.42. The stock has a market capitalization of $102.95 billion, a PE ratio of 84.52 and a beta of 1.75.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Morgan Stanley lifted their target price on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. The Goldman Sachs Group boosted their price objective on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Citigroup boosted 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. Finally, KeyCorp boosted their target price on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Nine research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $557.47.

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.