Spotify Technology S.A. (NYSE:SPOT) Stake Lessened by Washington Trust Advisors Inc.

Washington Trust Advisors Inc. lessened its stake in Spotify Technology S.A. (NYSE:SPOT) by 20.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 237 shares of the company’s stock after selling 62 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Spotify Technology were worth $106,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in SPOT. GPM Growth Investors Inc. increased its stake in Spotify Technology by 2.6% during the fourth quarter. GPM Growth Investors Inc. now owns 2,840 shares of the company’s stock valued at $1,271,000 after purchasing an additional 73 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Spotify Technology during the fourth quarter valued at $55,637,000. Proficio Capital Partners LLC bought a new stake in Spotify Technology during the fourth quarter valued at $281,000. LVZ Inc. increased its stake in Spotify Technology by 13.5% during the fourth quarter. LVZ Inc. now owns 1,051 shares of the company’s stock valued at $470,000 after purchasing an additional 125 shares during the last quarter. Finally, Atria Investments Inc increased its stake in Spotify Technology by 14.9% during the fourth quarter. Atria Investments Inc now owns 9,550 shares of the company’s stock valued at $4,272,000 after purchasing an additional 1,235 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 7.7 %

Shares of Spotify Technology stock opened at $541.87 on Friday. The company’s 50-day moving average price is $546.33 and its two-hundred day moving average price is $451.63. Spotify Technology S.A. has a 52 week low of $249.58 and a 52 week high of $652.63. The stock has a market cap of $110.92 billion, a PE ratio of 91.07 and a beta of 1.66.

Analysts Set New Price Targets

Several analysts have weighed in on SPOT shares. Barclays boosted their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Benchmark boosted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. The Goldman Sachs Group boosted their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Finally, Canaccord Genuity Group boosted their price target 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. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target 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.