Farther Finance Advisors LLC Trims Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Farther Finance Advisors LLC cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 12.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,034 shares of the company’s stock after selling 298 shares during the quarter. Farther Finance Advisors LLC’s holdings in Spotify Technology were worth $910,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology during the third quarter valued at approximately $33,000. Larson Financial Group LLC increased its holdings 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 buying an additional 33 shares during the period. Quent Capital LLC increased its holdings in Spotify Technology by 135.7% during 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 during the period. Finally, Noble Wealth Management PBC purchased a new position in Spotify Technology during the fourth quarter valued at approximately $52,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

NYSE SPOT opened at $576.02 on Friday. The company has a market capitalization of $117.92 billion, a PE ratio of 96.81 and a beta of 1.66. The company has a fifty day moving average of $555.35 and a 200 day moving average of $459.43. Spotify Technology S.A. has a 1 year low of $249.58 and a 1 year high of $652.63.

Analysts Set New Price Targets

Several brokerages recently issued reports on SPOT. Macquarie lifted their price objective on shares of Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a report on Tuesday. They set a “neutral” rating and a $545.00 price objective on the stock. JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Barclays raised their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Finally, Morgan Stanley raised their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $540.68.

About Spotify Technology

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.