Corient Private Wealth LLC Decreases Holdings in Spotify Technology S.A. (NYSE:SPOT)

Corient Private Wealth LLC cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 7.2% in the 4th quarter, HoldingsChannel reports. The firm owned 24,140 shares of the company’s stock after selling 1,873 shares during the quarter. Corient Private Wealth LLC’s holdings in Spotify Technology were worth $10,412,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Jennison Associates LLC purchased a new stake in Spotify Technology in the 4th quarter worth about $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in Spotify Technology in the 4th quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in Spotify Technology in the 4th quarter worth about $214,000. Covenant Asset Management LLC purchased a new stake in Spotify Technology in the 3rd quarter worth about $3,364,000. Finally, Kestra Investment Management LLC purchased a new stake in Spotify Technology in the 3rd quarter worth about $780,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Up 2.9 %

Shares of NYSE SPOT opened at $585.75 on Thursday. The stock has a market cap of $119.91 billion, a price-to-earnings ratio of 98.45 and a beta of 1.66. Spotify Technology S.A. has a 1-year low of $254.42 and a 1-year high of $652.63. The stock’s 50-day moving average is $562.18 and its 200 day moving average is $465.39.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. 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 note on Wednesday, February 5th. Guggenheim restated a “buy” rating and issued a $675.00 target price on shares of Spotify Technology in a research note on Monday, February 24th. Finally, Wells Fargo & Company raised their target price on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $540.68.

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.