Vontobel Holding Ltd. Sells 905 Shares of Spotify Technology S.A. (NYSE:SPOT)

Vontobel Holding Ltd. cut its stake in Spotify Technology S.A. (NYSE:SPOT) by 5.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,260 shares of the company’s stock after selling 905 shares during the quarter. Vontobel Holding Ltd.’s holdings in Spotify Technology were worth $7,274,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. WCM Investment Management LLC raised its holdings in Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Spotify Technology by 3.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock worth $1,286,969,000 after buying an additional 102,786 shares during the period. Jennison Associates LLC purchased a new stake in shares of Spotify Technology in the 4th quarter worth about $1,335,575,000. State Street Corp grew its position in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after buying an additional 28,864 shares during the period. Finally, FMR LLC grew its position in shares of Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares during the period. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Down 1.6 %

Shares of SPOT stock opened at $637.75 on Friday. Spotify Technology S.A. has a 12 month low of $239.66 and a 12 month high of $652.63. The stock has a market cap of $126.95 billion, a P/E ratio of 107.18 and a beta of 1.63. The company has a 50 day simple moving average of $508.35 and a two-hundred day simple moving average of $425.40.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SPOT shares. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Bank of America upped their target price on shares of Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Citigroup upped their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research report on Friday. Phillip Securities reaffirmed an “accumulate” rating and issued a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Finally, Macquarie increased their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $529.43.

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.