Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Connable Office Inc.

Connable Office Inc. lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 1.6% in the fourth quarter, HoldingsChannel reports. The fund owned 3,541 shares of the company’s stock after selling 59 shares during the period. Connable Office Inc.’s holdings in Spotify Technology were worth $1,584,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the business. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology in the third quarter valued at $33,000. Larson Financial Group LLC lifted its holdings in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after buying an additional 33 shares during the period. Rakuten Securities Inc. lifted its holdings in shares of Spotify Technology by 40.5% in the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after buying an additional 32 shares during the period. Finally, Quent Capital LLC lifted its holdings in shares of Spotify Technology by 135.7% in 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 period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SPOT. Deutsche Bank Aktiengesellschaft upped their price objective on Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. UBS Group boosted their target price on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Benchmark boosted 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. Macquarie boosted their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Piper Sandler boosted their target price on Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $529.43.

Spotify Technology Price Performance

Shares of NYSE SPOT opened at $608.16 on Friday. The business’s 50-day moving average price is $536.90 and its two-hundred day moving average price is $444.91. Spotify Technology S.A. has a one year low of $249.58 and a one year high of $652.63. The company has a market capitalization of $121.06 billion, a P/E ratio of 102.21 and a beta of 1.63.

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.