Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Summit Global Investments

Summit Global Investments cut its position in Spotify Technology S.A. (NYSE:SPOT) by 23.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,224 shares of the company’s stock after selling 3,199 shares during the quarter. Summit Global Investments’ holdings in Spotify Technology were worth $4,574,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $1,335,575,000. State Street Corp boosted 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 valued at $736,073,000 after purchasing an additional 28,864 shares during the period. FMR LLC boosted 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 valued at $577,788,000 after purchasing an additional 297,035 shares during the period. Forsta AP Fonden acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $619,600,000. Finally, Two Sigma Advisers LP boosted its position in shares of Spotify Technology by 19.0% in the 3rd quarter. Two Sigma Advisers LP now owns 980,000 shares of the company’s stock valued at $361,159,000 after purchasing an additional 156,300 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

NYSE SPOT opened at $599.64 on Friday. Spotify Technology S.A. has a 1-year low of $257.56 and a 1-year high of $652.63. The company has a market capitalization of $122.75 billion, a P/E ratio of 100.78 and a beta of 1.66. The business has a 50 day moving average price of $567.23 and a 200 day moving average price of $468.06.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of research analyst reports. Cantor Fitzgerald reissued 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. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Guggenheim reaffirmed a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a research report on Monday, February 24th. KeyCorp increased their price objective on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. increased their price objective on Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology has a consensus rating of “Moderate Buy” and a consensus target price 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.