Royal London Asset Management Ltd. Trims Position in Spotify Technology S.A. (NYSE:SPOT)

Royal London Asset Management Ltd. lessened its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 0.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 62,404 shares of the company’s stock after selling 257 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Spotify Technology were worth $27,918,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology during the third quarter valued at about $26,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology during the third quarter valued at about $33,000. Larson Financial Group LLC grew its holdings in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the period. Quent Capital LLC grew its holdings in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares during the period. Finally, Noble Wealth Management PBC bought a new stake in Spotify Technology during the fourth quarter valued at about $52,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE SPOT opened at $599.64 on Friday. The business’s 50 day moving average price is $567.23 and its 200-day moving average price is $468.06. Spotify Technology S.A. has a fifty-two week low of $257.56 and a fifty-two week high of $652.63. The company has a market cap of $122.75 billion, a price-to-earnings ratio of 100.78 and a beta of 1.66.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several recent research reports. Morgan Stanley boosted 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. The Goldman Sachs Group upped their price objective on Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. Citigroup upped their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Canaccord Genuity Group upped their price objective on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Finally, KeyCorp upped their price objective on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $540.68.

Spotify Technology 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.