Virtu Financial LLC Lowers Position in Spotify Technology S.A. (NYSE:SPOT)

Virtu Financial LLC cut its stake in Spotify Technology S.A. (NYSE:SPOT) by 28.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,473 shares of the company’s stock after selling 1,362 shares during the quarter. Virtu Financial LLC’s holdings in Spotify Technology were worth $1,553,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SPOT. Jennison Associates LLC purchased a new stake in Spotify Technology in the fourth quarter worth about $1,335,575,000. Forsta AP Fonden purchased a new stake in Spotify Technology in the fourth quarter worth about $619,600,000. Amundi lifted its holdings in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock worth $359,812,000 after buying an additional 495,087 shares during the period. Swiss National Bank purchased a new stake in Spotify Technology in the fourth quarter worth about $189,197,000. Finally, FMR LLC lifted its holdings in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after buying an additional 297,035 shares during the period. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

NYSE:SPOT opened at $599.64 on Friday. The firm has a market capitalization of $122.75 billion, a price-to-earnings ratio of 100.78 and a beta of 1.66. 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 price of $567.23 and a 200-day moving average price of $469.03.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SPOT. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Macquarie lifted their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. JPMorgan Chase & Co. lifted their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Finally, Canaccord Genuity Group lifted their target price 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. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $540.68.

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.