Spotify Technology S.A. (NYSE:SPOT) Position Reduced by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. cut its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 15.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 459 shares of the company’s stock after selling 85 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Spotify Technology were worth $205,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. WCM Investment Management LLC grew its position in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Spotify Technology by 3.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after acquiring an additional 102,786 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Spotify Technology during the 4th quarter valued at $1,335,575,000. State Street Corp increased its stake in shares of Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after acquiring an additional 28,864 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on SPOT. Pivotal Research boosted their target price on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Piper Sandler boosted their price target on Spotify Technology from $330.00 to $450.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. Citigroup raised their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Barclays lifted 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, The Goldman Sachs Group increased their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research note on Thursday, February 6th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Price Performance

NYSE:SPOT opened at $531.15 on Monday. The stock has a market cap of $108.73 billion, a P/E ratio of 89.27 and a beta of 1.66. Spotify Technology S.A. has a one year low of $249.58 and a one year high of $652.63. The company has a fifty day moving average price of $547.82 and a 200 day moving average price of $454.45.

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.