Spotify Technology S.A. (NYSE:SPOT) Stock Holdings Decreased by L & S Advisors Inc

L & S Advisors Inc trimmed its position in Spotify Technology S.A. (NYSE:SPOT) by 12.5% in the fourth quarter, Holdings Channel reports. The firm owned 3,883 shares of the company’s stock after selling 556 shares during the quarter. L & S Advisors Inc’s holdings in Spotify Technology were worth $1,737,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of SPOT. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology in the 3rd quarter worth approximately $26,000. Hillsdale Investment Management Inc. bought a new position in Spotify Technology during the fourth quarter worth $27,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology in the third quarter worth $33,000. Larson Financial Group LLC increased its stake 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 last quarter. Finally, Quent Capital LLC raised its holdings in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Shares of SPOT opened at $559.76 on Friday. The firm’s 50 day moving average is $578.28 and its 200-day moving average is $478.17. Spotify Technology S.A. has a 12-month low of $260.80 and a 12-month high of $652.63. The stock has a market capitalization of $114.59 billion, a P/E ratio of 94.08 and a beta of 1.66.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SPOT. Barclays boosted their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Rosenblatt Securities reiterated 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. Guggenheim restated a “buy” rating and set a $675.00 price objective on shares of Spotify Technology in a research report on Monday, February 24th. 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. Finally, Macquarie raised their target price on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Nine analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $552.47.

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.