ING Groep NV Sells 58,486 Shares of Spotify Technology S.A. (NYSE:SPOT)

ING Groep NV lessened its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 86.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,146 shares of the company’s stock after selling 58,486 shares during the period. ING Groep NV’s holdings in Spotify Technology were worth $4,092,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Prestige Wealth Management Group LLC bought a new position in Spotify Technology in the third quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter valued at approximately $33,000. Larson Financial Group LLC grew its holdings in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the last quarter. Quent Capital LLC increased its position in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Rakuten Securities Inc. lifted its stake in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Down 4.7 %

Spotify Technology stock opened at $606.98 on Friday. The company has a market capitalization of $120.82 billion, a PE ratio of 102.01 and a beta of 1.63. The firm’s fifty day moving average is $523.55 and its 200 day moving average is $436.50. Spotify Technology S.A. has a 12-month low of $243.99 and a 12-month high of $652.63.

Analysts Set New Price Targets

A number of research firms have weighed in on SPOT. JPMorgan Chase & Co. boosted their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Macquarie upped their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. KeyCorp lifted their price target on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Deutsche Bank Aktiengesellschaft boosted their price target on Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, UBS Group raised their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $529.43.

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.