Spotify Technology S.A. (NYSE:SPOT) Shares Sold by EFG Asset Management North America Corp.

EFG Asset Management North America Corp. cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 26.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,517 shares of the company’s stock after selling 3,031 shares during the period. EFG Asset Management North America Corp.’s holdings in Spotify Technology were worth $3,808,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Jennison Associates LLC acquired a new position in Spotify Technology during the 4th quarter worth $1,335,575,000. Marks Group Wealth Management Inc acquired a new stake in Spotify Technology in the fourth quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC bought a new position in Spotify Technology in the 4th quarter valued at about $214,000. Kestra Investment Management LLC bought a new position in Spotify Technology in the 3rd quarter valued at about $780,000. Finally, PNC Financial Services Group Inc. increased its stake in Spotify Technology by 12.4% during the 3rd quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company’s stock valued at $4,335,000 after buying an additional 1,299 shares during the period. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Performance

Shares of SPOT opened at $605.18 on Tuesday. The company has a market capitalization of $123.88 billion, a PE ratio of 101.71 and a beta of 1.66. The company’s 50 day moving average price is $570.20 and its 200 day moving average price is $471.97. Spotify Technology S.A. has a 52 week low of $257.56 and a 52 week high of $652.63.

Analyst Ratings Changes

Several research analysts have recently issued reports on SPOT shares. Cantor Fitzgerald reiterated a “neutral” rating and issued a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. KeyCorp increased their price target on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Macquarie boosted their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Finally, Barclays lifted their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $540.68.

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.