Legacy Capital Group California Inc. Sells 186 Shares of Spotify Technology S.A. (NYSE:SPOT)

Legacy Capital Group California Inc. decreased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 2.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,116 shares of the company’s stock after selling 186 shares during the period. Spotify Technology accounts for about 1.0% of Legacy Capital Group California Inc.’s holdings, making the stock its 12th largest holding. Legacy Capital Group California Inc.’s holdings in Spotify Technology were worth $3,184,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SPOT. Aigen Investment Management LP boosted its stake in shares of Spotify Technology by 42.4% during the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after purchasing an additional 2,918 shares in the last quarter. Jennison Associates LLC purchased a new stake in Spotify Technology in the fourth quarter worth about $1,335,575,000. Marks Group Wealth Management Inc bought a new stake in Spotify Technology during the 4th quarter valued at approximately $535,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Spotify Technology during the 4th quarter worth approximately $214,000. Finally, Pathway Capital Management LP grew its holdings in shares of Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares during the period. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Down 1.0 %

Shares of NYSE SPOT opened at $636.52 on Friday. The firm’s 50-day moving average price is $521.07 and its 200-day moving average price is $433.77. Spotify Technology S.A. has a 52-week low of $240.73 and a 52-week high of $652.63. The company has a market cap of $126.70 billion, a PE ratio of 106.98 and a beta of 1.63.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SPOT. Piper Sandler lifted their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Citigroup boosted their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. lifted their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Finally, Phillip Securities restated an “accumulate” rating and issued a $485.00 price objective (up previously from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $529.43.

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.