EFG Asset Management North America Corp. Cuts Position in Spotify Technology S.A. (NYSE:SPOT)

EFG Asset Management North America Corp. reduced its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 26.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,517 shares of the company’s stock after selling 3,031 shares during the quarter. EFG Asset Management North America Corp.’s holdings in Spotify Technology were worth $3,808,000 at the end of the most recent quarter.

Other large investors also recently 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 $26,000. Hillsdale Investment Management Inc. acquired a new position in shares of Spotify Technology during the fourth quarter worth about $27,000. Hobbs Group Advisors LLC purchased a new stake in shares of Spotify Technology in the third quarter worth about $33,000. Larson Financial Group LLC boosted its position in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the period. Finally, Quent Capital LLC grew its stake in shares of Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after buying an additional 57 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Benchmark boosted their price target on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. UBS Group upped their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Canaccord Genuity Group boosted their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. 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. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Trading Up 0.9 %

Shares of NYSE SPOT opened at $605.18 on Tuesday. The company has a market cap of $123.88 billion, a price-to-earnings ratio of 101.71 and a beta of 1.66. The stock’s 50 day simple moving average is $570.20 and its 200 day simple moving average is $471.97. Spotify Technology S.A. has a 12-month low of $257.56 and a 12-month 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.