Zacks Investment Management Has $41.72 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Zacks Investment Management reduced its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 14.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 93,245 shares of the company's stock after selling 15,466 shares during the quarter. Zacks Investment Management's holdings in Spotify Technology were worth $41,716,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of SPOT. Geode Capital Management LLC lifted its stake in shares of Spotify Technology by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 224,209 shares of the company's stock worth $82,628,000 after acquiring an additional 14,426 shares during the last quarter. M&T Bank Corp increased its holdings in Spotify Technology by 5.5% in the third quarter. M&T Bank Corp now owns 26,991 shares of the company's stock valued at $9,947,000 after buying an additional 1,395 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of Spotify Technology in the third quarter valued at approximately $1,782,000. Wilmington Savings Fund Society FSB purchased a new position in Spotify Technology during the third quarter worth about $1,477,000. Finally, Franklin Resources Inc. grew its stake in shares of Spotify Technology by 2.6% in the third quarter. Franklin Resources Inc. now owns 641,720 shares of the company's stock valued at $239,041,000 after buying an additional 16,511 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded down $9.40 on Monday, hitting $564.85. The stock had a trading volume of 815,653 shares, compared to its average volume of 2,172,205. Spotify Technology S.A. has a twelve month low of $267.76 and a twelve month high of $652.63. The firm's 50 day moving average price is $575.74 and its 200-day moving average price is $500.61. The company has a market capitalization of $115.63 billion, a price-to-earnings ratio of 94.93 and a beta of 1.75.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on SPOT. KeyCorp reduced their target price on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. FBN Securities began coverage on shares of Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price objective on the stock. Morgan Stanley increased their target price on Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a research note on Wednesday, February 5th. Barclays lifted their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. Finally, Rosenblatt Securities reiterated a "neutral" rating and set a $658.00 price target (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company's stock. According to MarketBeat, Spotify Technology presently has an average rating of "Moderate Buy" and a consensus target price of $573.76.

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.