Picton Mahoney Asset Management Sells 8,700 Shares of Spotify Technology S.A. (NYSE:SPOT)

Picton Mahoney Asset Management reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 17.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,522 shares of the company’s stock after selling 8,700 shares during the period. Picton Mahoney Asset Management’s holdings in Spotify Technology were worth $19,024,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Jennison Associates LLC bought a new stake in Spotify Technology in the fourth quarter worth about $1,335,575,000. Forsta AP Fonden bought a new stake in Spotify Technology in the fourth quarter worth about $619,600,000. Amundi raised its position in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock worth $359,812,000 after acquiring an additional 495,087 shares during the period. Swiss National Bank bought a new stake in Spotify Technology in the fourth quarter worth about $189,197,000. Finally, FMR LLC raised its position in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares during the period. 84.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SPOT shares. Canaccord Genuity Group lifted their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Wells Fargo & Company lifted their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. 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 research note on Tuesday, January 28th. Benchmark lifted their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Finally, Barclays lifted their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $540.68.

Spotify Technology Price Performance

SPOT stock opened at $576.02 on Friday. The stock has a market cap of $117.92 billion, a PE ratio of 96.81 and a beta of 1.66. Spotify Technology S.A. has a one year low of $249.58 and a one year high of $652.63. The firm has a 50 day simple moving average of $555.35 and a two-hundred day simple moving average of $459.43.

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.