Thoroughbred Financial Services LLC Sells 42 Shares of Spotify Technology S.A. (NYSE:SPOT)

Thoroughbred Financial Services LLC reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 1.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,332 shares of the company’s stock after selling 42 shares during the period. Thoroughbred Financial Services LLC’s holdings in Spotify Technology were worth $1,043,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Spotify Technology by 34.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,189 shares of the company’s stock worth $807,000 after buying an additional 565 shares in the last quarter. HighTower Advisors LLC raised its holdings in shares of Spotify Technology by 25.2% during the 3rd quarter. HighTower Advisors LLC now owns 16,549 shares of the company’s stock worth $6,073,000 after acquiring an additional 3,330 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of Spotify Technology by 5.6% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 1,743 shares of the company’s stock worth $642,000 after acquiring an additional 93 shares in the last quarter. Royal London Asset Management Ltd. boosted its position in shares of Spotify Technology by 6.8% during the 3rd quarter. Royal London Asset Management Ltd. now owns 62,661 shares of the company’s stock valued at $23,092,000 after acquiring an additional 3,984 shares during the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of Spotify Technology by 14.2% in the third quarter. Quantinno Capital Management LP now owns 9,500 shares of the company’s stock valued at $3,501,000 after purchasing an additional 1,180 shares in the last quarter. Institutional investors own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on SPOT. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Barclays increased their price target 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. KeyCorp upped their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Cantor Fitzgerald reiterated a “neutral” rating and issued a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Finally, Morgan Stanley increased their price target on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $557.47.

Spotify Technology Stock Performance

NYSE SPOT opened at $502.90 on Friday. The company’s 50-day simple moving average is $583.28 and its two-hundred day simple moving average is $485.42. Spotify Technology S.A. has a one year low of $267.76 and a one year high of $652.63. The company has a market capitalization of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75.

About Spotify Technology

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.