Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Trexquant Investment LP

Trexquant Investment LP cut its stake in Spotify Technology S.A. (NYSE:SPOT) by 29.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 48,598 shares of the company’s stock after selling 19,897 shares during the period. Trexquant Investment LP’s holdings in Spotify Technology were worth $21,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the stock. Hillsdale Investment Management Inc. acquired a new stake in shares of Spotify Technology in the 4th quarter worth about $27,000. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology during the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology in the 3rd quarter worth approximately $33,000. Quent Capital LLC increased its holdings in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the period. Finally, Noble Wealth Management PBC bought a new stake in shares of Spotify Technology during the 4th quarter worth about $52,000. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Trading Down 1.8 %

Shares of NYSE:SPOT opened at $551.10 on Tuesday. The business has a fifty day simple moving average of $579.58 and a 200 day simple moving average of $480.67. Spotify Technology S.A. has a 1 year low of $260.80 and a 1 year high of $652.63. The firm has a market cap of $112.81 billion, a price-to-earnings ratio of 92.62 and a beta of 1.66.

Analyst Ratings Changes

Several equities research analysts have commented on SPOT shares. Benchmark boosted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group boosted their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a report on Thursday, February 6th. Wells Fargo & Company raised their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday. Macquarie upped their price target on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, 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 research report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $552.47.

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.