Sei Investments Co. Reduces Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Sei Investments Co. lowered its position in Spotify Technology S.A. (NYSE:SPOT) by 4.3% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 683,799 shares of the company’s stock after selling 30,398 shares during the period. Sei Investments Co.’s holdings in Spotify Technology were worth $305,913,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Prestige Wealth Management Group LLC purchased a new stake in Spotify Technology during the 3rd quarter worth about $26,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology during the 3rd quarter worth about $33,000. Larson Financial Group LLC increased its position in Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares in the last quarter. Quent Capital LLC increased its position in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in Spotify Technology during the 4th quarter worth about $52,000. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on SPOT shares. Citigroup lifted their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Cantor Fitzgerald restated a “neutral” rating and issued a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. UBS Group lifted their price target on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. Finally, KeyCorp lifted their price target on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $540.68.

Spotify Technology Stock Performance

Spotify Technology stock opened at $599.64 on Friday. The stock’s 50 day moving average price is $567.23 and its 200 day moving average price is $468.06. The firm has a market capitalization of $122.75 billion, a PE ratio of 100.78 and a beta of 1.66. Spotify Technology S.A. has a one year low of $257.56 and a one year high of $652.63.

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.