T. Rowe Price Investment Management Inc. Cuts Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

T. Rowe Price Investment Management Inc. lowered its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 9.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,163,193 shares of the company’s stock after selling 119,613 shares during the quarter. T. Rowe Price Investment Management Inc.’s holdings in Spotify Technology were worth $520,390,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Hillsdale Investment Management Inc. bought a new stake in shares of Spotify Technology in the 4th quarter worth $27,000. Quent Capital LLC boosted its position in shares of 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 buying an additional 57 shares during the last quarter. Noble Wealth Management PBC bought a new stake in Spotify Technology in the 4th quarter worth about $52,000. Strategic Financial Concepts LLC purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $56,000. Finally, Larson Financial Group LLC lifted its position in Spotify Technology by 48.5% during the fourth quarter. Larson Financial Group LLC now owns 144 shares of the company’s stock valued at $64,000 after purchasing an additional 47 shares during the period. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Up 5.9 %

Shares of Spotify Technology stock opened at $592.01 on Wednesday. The firm has a market cap of $121.19 billion, a PE ratio of 99.50 and a beta of 1.75. The stock has a 50 day moving average of $573.00 and a 200 day moving average of $502.56. Spotify Technology S.A. has a 12 month low of $271.65 and a 12 month high of $652.63.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on SPOT shares. Citigroup boosted their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. FBN Securities started coverage on Spotify Technology in a research report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price objective for the company. Canaccord Genuity Group raised their target price on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. UBS Group reduced their price target on shares of Spotify Technology from $690.00 to $680.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. Finally, Cantor Fitzgerald dropped their price objective on shares of Spotify Technology from $600.00 to $520.00 and set a “neutral” rating on the stock in a report on Wednesday, April 16th. Seven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $585.32.

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.