Concurrent Investment Advisors LLC Trims Holdings in Spotify Technology S.A. (NYSE:SPOT)

Concurrent Investment Advisors LLC trimmed its position in Spotify Technology S.A. (NYSE:SPOT) by 16.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,281 shares of the company’s stock after selling 257 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Spotify Technology were worth $573,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. First Horizon Advisors Inc. grew its holdings in Spotify Technology by 5.8% during the 3rd quarter. First Horizon Advisors Inc. now owns 478 shares of the company’s stock valued at $176,000 after buying an additional 26 shares in the last quarter. Joel Isaacson & Co. LLC grew its holdings in Spotify Technology by 1.9% during the 4th quarter. Joel Isaacson & Co. LLC now owns 1,559 shares of the company’s stock valued at $697,000 after buying an additional 29 shares in the last quarter. Avior Wealth Management LLC grew its holdings in Spotify Technology by 12.0% during the 3rd quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after buying an additional 30 shares in the last quarter. Park National Corp OH grew its holdings in Spotify Technology by 4.1% during the 4th quarter. Park National Corp OH now owns 793 shares of the company’s stock valued at $355,000 after buying an additional 31 shares in the last quarter. Finally, Washington Trust Advisors Inc. grew its holdings in Spotify Technology by 12.0% during the 3rd quarter. Washington Trust Advisors Inc. now owns 299 shares of the company’s stock valued at $110,000 after buying an additional 32 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of research analyst reports. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Barclays increased their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Benchmark increased their target price on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Phillip Securities reiterated an “accumulate” rating and set a $485.00 target price (up from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. Finally, Pivotal Research increased their target price on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $529.43.

Spotify Technology Trading Down 1.0 %

NYSE:SPOT opened at $601.54 on Tuesday. Spotify Technology S.A. has a twelve month low of $249.38 and a twelve month high of $652.63. The company has a market cap of $119.74 billion, a price-to-earnings ratio of 101.10 and a beta of 1.63. The stock has a fifty day simple moving average of $525.88 and a 200-day simple moving average of $439.15.

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.