M&T Bank Corp Sells 658 Shares of Spotify Technology S.A. (NYSE:SPOT)

M&T Bank Corp reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The fund owned 26,333 shares of the company’s stock after selling 658 shares during the quarter. M&T Bank Corp’s holdings in Spotify Technology were worth $11,780,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. New York State Teachers Retirement System lifted its stake 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 worth $997,000 after purchasing an additional 870 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Spotify Technology by 13.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 35,455 shares of the company’s stock valued at $13,066,000 after buying an additional 4,261 shares in the last quarter. Amalgamated Bank lifted its position in Spotify Technology by 4.2% in the 3rd quarter. Amalgamated Bank now owns 10,227 shares of the company’s stock worth $3,769,000 after buying an additional 415 shares during the last quarter. Concurrent Investment Advisors LLC boosted its stake in Spotify Technology by 4.8% in the third quarter. Concurrent Investment Advisors LLC now owns 1,538 shares of the company’s stock worth $567,000 after buying an additional 71 shares in the last quarter. Finally, Hanseatic Management Services Inc. boosted its stake in Spotify Technology by 23.3% in the third quarter. Hanseatic Management Services Inc. now owns 386 shares of the company’s stock worth $142,000 after buying an additional 73 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Stock Down 7.7 %

Shares of SPOT stock opened at $541.87 on Friday. The business’s fifty day moving average is $546.33 and its 200 day moving average is $451.63. The stock has a market cap of $110.92 billion, a price-to-earnings ratio of 91.07 and a beta of 1.66. Spotify Technology S.A. has a twelve month low of $249.58 and a twelve month high of $652.63.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of recent research reports. Benchmark boosted their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Piper Sandler boosted their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Rosenblatt Securities restated a “neutral” rating and set a $658.00 price target (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Canaccord Genuity Group lifted their price objective on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Finally, Pivotal Research increased their target price on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $529.43.

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.