Polymer Capital Management HK LTD Reduces Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Polymer Capital Management HK LTD reduced its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 54.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,802 shares of the company’s stock after selling 7,038 shares during the quarter. Polymer Capital Management HK LTD’s holdings in Spotify Technology were worth $2,596,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Federated Hermes Inc. grew its holdings in Spotify Technology by 16.5% during the 4th quarter. Federated Hermes Inc. now owns 547,669 shares of the company’s stock worth $245,037,000 after acquiring an additional 77,651 shares in the last quarter. MIG Capital LLC bought a new position in shares of Spotify Technology during the fourth quarter worth about $331,000. Atika Capital Management LLC lifted its position in shares of Spotify Technology by 2.2% during the fourth quarter. Atika Capital Management LLC now owns 41,600 shares of the company’s stock worth $18,611,000 after purchasing an additional 900 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in Spotify Technology by 106.2% in the fourth quarter. Quadrant Capital Group LLC now owns 563 shares of the company’s stock valued at $252,000 after buying an additional 290 shares during the last quarter. Finally, Hurley Capital LLC acquired a new stake in Spotify Technology during the fourth quarter valued at approximately $145,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 9.9 %

SPOT stock opened at $502.90 on Friday. The company has a 50 day moving average of $583.28 and a two-hundred day moving average of $485.42. The company has a market cap of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75. Spotify Technology S.A. has a 12-month low of $267.76 and a 12-month high of $652.63.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Benchmark lifted their target price on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Canaccord Genuity Group raised their price target 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. China Renaissance assumed coverage on Spotify Technology in a report on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price target on the stock. Redburn Atlantic initiated coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target for the company. Finally, KeyCorp increased their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Nine analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus price target 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.