Spotify Technology S.A. (NYSE:SPOT) Stock Position Decreased by Sandy Spring Bank

Sandy Spring Bank cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 35.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 91 shares of the company’s stock after selling 50 shares during the quarter. Sandy Spring Bank’s holdings in Spotify Technology were worth $41,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Jennison Associates LLC bought a new stake in shares of Spotify Technology during the 4th quarter worth $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in shares of Spotify Technology in the fourth quarter valued at $535,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Spotify Technology in the fourth quarter valued at $214,000. Kestra Investment Management LLC purchased a new stake in shares of Spotify Technology in the third quarter valued at $780,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Spotify Technology by 12.4% in the third quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company’s stock valued at $4,335,000 after purchasing an additional 1,299 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SPOT. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price for the company. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Macquarie increased their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. UBS Group increased their price objective on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Finally, KeyCorp increased their price objective on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Stock Up 0.9 %

SPOT stock opened at $599.64 on Friday. Spotify Technology S.A. has a twelve month low of $257.56 and a twelve month high of $652.63. The company has a market cap of $122.75 billion, a PE ratio of 100.78 and a beta of 1.66. The business’s 50-day simple moving average is $567.23 and its 200 day simple moving average is $469.03.

Spotify Technology Company 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.