Capital Wealth Planning LLC Trims Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Capital Wealth Planning LLC lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 40.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 676 shares of the company’s stock after selling 458 shares during the period. Capital Wealth Planning LLC’s holdings in Spotify Technology were worth $302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. New York State Teachers Retirement System grew its position in Spotify Technology by 47.4% during the third quarter. New York State Teachers Retirement System now owns 2,705 shares of the company’s stock valued at $997,000 after buying an additional 870 shares during the period. First Trust Direct Indexing L.P. grew its position in Spotify Technology by 48.5% during the third quarter. First Trust Direct Indexing L.P. now owns 1,206 shares of the company’s stock valued at $444,000 after buying an additional 394 shares during the period. Financial Advocates Investment Management grew its position in Spotify Technology by 4.4% during the third quarter. Financial Advocates Investment Management now owns 1,116 shares of the company’s stock valued at $411,000 after buying an additional 47 shares during the period. US Bancorp DE grew its position in Spotify Technology by 5.0% during the third quarter. US Bancorp DE now owns 59,276 shares of the company’s stock valued at $21,845,000 after buying an additional 2,818 shares during the period. Finally, Farther Finance Advisors LLC grew its position in Spotify Technology by 13.4% during the third quarter. Farther Finance Advisors LLC now owns 2,332 shares of the company’s stock valued at $860,000 after buying an additional 276 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT stock opened at $608.16 on Friday. The firm’s 50-day moving average is $536.90 and its two-hundred day moving average is $445.69. Spotify Technology S.A. has a 12 month low of $249.58 and a 12 month high of $652.63. The company has a market capitalization of $121.06 billion, a PE ratio of 102.21 and a beta of 1.63.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Phillip Securities restated an “accumulate” rating and set a $485.00 price target (up previously from $420.00) on shares of Spotify Technology in a research report on Wednesday, November 13th. 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 research report on Wednesday, February 5th. TD Cowen lifted their target price on shares of Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Guggenheim reiterated a “buy” rating and issued a $675.00 target price on shares of Spotify Technology in a research report on Monday, February 24th. Finally, Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $529.43.

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.