Trillium Asset Management LLC Reduces Stake in Spotify Technology $SPOT

Trillium Asset Management LLC lessened its position in Spotify Technology (NYSE:SPOT) by 9.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 73,440 shares of the company’s stock after selling 7,225 shares during the quarter. Spotify Technology makes up about 1.5% of Trillium Asset Management LLC’s investment portfolio, making the stock its 12th largest holding. Trillium Asset Management LLC’s holdings in Spotify Technology were worth $56,356,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SPOT. Mutual Advisors LLC bought a new position in Spotify Technology during the 1st quarter valued at approximately $187,000. HM Payson & Co. increased its position in Spotify Technology by 39.1% during the 1st quarter. HM Payson & Co. now owns 64 shares of the company’s stock valued at $35,000 after buying an additional 18 shares in the last quarter. Concurrent Investment Advisors LLC increased its position in Spotify Technology by 4.6% during the 1st quarter. Concurrent Investment Advisors LLC now owns 1,340 shares of the company’s stock valued at $737,000 after buying an additional 59 shares in the last quarter. Callan Capital LLC increased its position in Spotify Technology by 25.8% during the 1st quarter. Callan Capital LLC now owns 688 shares of the company’s stock valued at $378,000 after buying an additional 141 shares in the last quarter. Finally, Raleigh Capital Management Inc. increased its position in Spotify Technology by 5.7% during the 1st quarter. Raleigh Capital Management Inc. now owns 480 shares of the company’s stock valued at $264,000 after buying an additional 26 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $629.57 on Wednesday. Spotify Technology has a one year low of $376.04 and a one year high of $785.00. The firm has a market capitalization of $128.88 billion, a P/E ratio of 152.81, a PEG ratio of 3.39 and a beta of 1.67. The business has a fifty day moving average of $689.26 and a 200 day moving average of $682.79.

Wall Street Analyst Weigh In

SPOT has been the subject of a number of analyst reports. Guggenheim reaffirmed a “buy” rating and set a $850.00 price objective on shares of Spotify Technology in a research report on Wednesday, September 3rd. Weiss Ratings restated a “hold (c-)” rating on shares of Spotify Technology in a report on Wednesday, October 8th. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $740.00 to $805.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Morgan Stanley reduced their target price on Spotify Technology from $850.00 to $800.00 and set an “overweight” rating for the company in a report on Wednesday, July 30th. Finally, Wells Fargo & Company lifted their target price on Spotify Technology from $740.00 to $750.00 and gave the stock an “overweight” rating in a report on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $731.81.

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.