GAM Holding AG Has $1.72 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

GAM Holding AG trimmed its holdings in Spotify Technology S.A. (NYSE:SPOT) by 6.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 3,850 shares of the company’s stock after selling 273 shares during the period. GAM Holding AG’s holdings in Spotify Technology were worth $1,722,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in SPOT. Venturi Wealth Management LLC increased its stake in Spotify Technology by 60.3% during the 4th quarter. Venturi Wealth Management LLC now owns 1,532 shares of the company’s stock worth $685,000 after acquiring an additional 576 shares during the period. D.A. Davidson & CO. grew its holdings in shares of Spotify Technology by 4.8% during the 4th quarter. D.A. Davidson & CO. now owns 10,714 shares of the company’s stock worth $4,793,000 after purchasing an additional 487 shares in the last quarter. Truist Financial Corp increased its position in shares of Spotify Technology by 35.4% in the fourth quarter. Truist Financial Corp now owns 26,180 shares of the company’s stock worth $11,712,000 after purchasing an additional 6,845 shares during the period. CIBC Asset Management Inc acquired a new position in Spotify Technology in the fourth quarter valued at about $7,597,000. Finally, State of New Jersey Common Pension Fund D acquired a new position in Spotify Technology in the fourth quarter valued at about $29,431,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of SPOT opened at $637.75 on Tuesday. The business has a 50-day moving average of $508.35 and a 200-day moving average of $426.64. The company has a market capitalization of $126.94 billion, a price-to-earnings ratio of 107.18 and a beta of 1.63. Spotify Technology S.A. has a 1 year low of $239.66 and a 1 year high of $652.63.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. TD Cowen raised their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. UBS Group increased their price target on shares of 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 price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group raised their target price on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Finally, Phillip Securities reissued an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $529.43.

About Spotify Technology

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.