Sei Investments Co. Cuts Position in Spotify Technology S.A. (NYSE:SPOT)

Sei Investments Co. reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 4.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 683,799 shares of the company’s stock after selling 30,398 shares during the period. Sei Investments Co. owned 0.34% of Spotify Technology worth $305,913,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in SPOT. Jennison Associates LLC purchased a new position in Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. Forsta AP Fonden purchased a new position in Spotify Technology in the fourth quarter valued at approximately $619,600,000. Amundi increased its stake in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock valued at $359,812,000 after purchasing an additional 495,087 shares during the last quarter. Swiss National Bank purchased a new position in Spotify Technology in the fourth quarter valued at approximately $189,197,000. Finally, FMR LLC increased its stake in Spotify Technology by 23.4% in the third 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 last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently weighed in on SPOT. Cantor Fitzgerald reissued a “neutral” rating and issued a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. JPMorgan Chase & Co. increased their price objective on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Redburn Atlantic began coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective for the company. Finally, Guggenheim reissued a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Stock Performance

Spotify Technology stock opened at $599.64 on Friday. Spotify Technology S.A. has a one year low of $257.56 and a one year high of $652.63. The business has a fifty day moving average of $567.23 and a two-hundred day moving average of $468.06. The company has a market cap of $122.75 billion, a P/E ratio of 100.78 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.