Massachusetts Financial Services Co. MA Sells 77,735 Shares of Spotify Technology S.A. (NYSE:SPOT)

Massachusetts Financial Services Co. MA reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 2.2% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 3,414,435 shares of the company’s stock after selling 77,735 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Spotify Technology were worth $1,527,550,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after acquiring an additional 1,259,183 shares during the last quarter. HighPoint Advisor Group LLC raised its holdings in shares of Spotify Technology by 35.3% in the 4th quarter. HighPoint Advisor Group LLC now owns 1,207 shares of the company’s stock worth $540,000 after purchasing an additional 315 shares during the period. Franklin Resources Inc. lifted its stake in Spotify Technology by 34.9% in the fourth quarter. Franklin Resources Inc. now owns 865,725 shares of the company’s stock valued at $387,308,000 after purchasing an additional 224,005 shares during the last quarter. Seven Mile Advisory grew its holdings in Spotify Technology by 25.6% during the fourth quarter. Seven Mile Advisory now owns 1,411 shares of the company’s stock valued at $631,000 after purchasing an additional 288 shares during the period. Finally, Meeder Asset Management Inc. grew its holdings in Spotify Technology by 14,361.2% during the fourth quarter. Meeder Asset Management Inc. now owns 12,292 shares of the company’s stock valued at $5,499,000 after purchasing an additional 12,207 shares during the period. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent research reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. The Goldman Sachs Group upped their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Rosenblatt Securities reiterated a “neutral” rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. UBS Group upped their price target on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Finally, Redburn Atlantic assumed coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective for the company. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $552.47.

Spotify Technology Stock Up 0.3 %

Shares of SPOT stock opened at $551.71 on Wednesday. The business has a 50-day moving average price of $580.87 and a two-hundred day moving average price of $482.18. Spotify Technology S.A. has a 12-month low of $261.38 and a 12-month high of $652.63. The firm has a market cap of $112.94 billion, a P/E ratio of 92.72 and a beta of 1.66.

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.