Schonfeld Strategic Advisors LLC Sells 198,324 Shares of Spotify Technology S.A. (NYSE:SPOT)

Schonfeld Strategic Advisors LLC cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 77.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 57,232 shares of the company's stock after selling 198,324 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Spotify Technology were worth $25,604,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $1,335,575,000. FMR LLC boosted its stake in shares of Spotify Technology by 30.2% during the fourth quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after acquiring an additional 473,569 shares during the last quarter. Schroder Investment Management Group grew its holdings in shares of Spotify Technology by 0.4% during the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company's stock worth $855,810,000 after buying an additional 7,075 shares in the last quarter. GQG Partners LLC acquired a new position in Spotify Technology in the 4th quarter valued at $800,725,000. Finally, Geode Capital Management LLC grew its position in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the period. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Down 2.0 %

NYSE:SPOT traded down $12.18 during mid-day trading on Thursday, hitting $601.80. 2,326,972 shares of the stock traded hands, compared to its average volume of 2,149,795. Spotify Technology S.A. has a 12-month low of $283.39 and a 12-month high of $652.63. The company has a market cap of $123.19 billion, a PE ratio of 101.14 and a beta of 1.75. The business's 50-day moving average price is $569.30 and its 200 day moving average price is $512.73.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. KeyCorp dropped their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price on the stock. Robert W. Baird lifted their target price on shares of Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday. FBN Securities began coverage on Spotify Technology in a research report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective on the stock. Finally, UBS Group decreased their target price on Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Seven research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Spotify Technology presently has an average rating of "Moderate Buy" and an average price target of $606.71.

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.