Spotify Technology S.A. (NYSE:SPOT) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC trimmed its stake in Spotify Technology S.A. (NYSE:SPOT) by 10.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 97,793 shares of the company’s stock after selling 10,988 shares during the quarter. ARK Investment Management LLC’s holdings in Spotify Technology were worth $43,751,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology in the 3rd quarter worth $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology in the 3rd quarter worth $33,000. Larson Financial Group LLC grew its holdings in shares of 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 in the last quarter. Quent Capital LLC grew its holdings in shares of 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 in the last quarter. Finally, Rakuten Securities Inc. grew its holdings in shares of Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after buying an additional 32 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SPOT shares. Wells Fargo & Company lifted their price target on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Canaccord Genuity Group lifted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. lifted their price target on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Pivotal Research lifted their price target on Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, TD Cowen lifted their price target on Spotify Technology from $356.00 to $416.00 and gave the company a “hold” rating in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $588.06 on Wednesday. Spotify Technology S.A. has a fifty-two week low of $249.38 and a fifty-two week high of $652.63. The business has a 50-day moving average of $528.15 and a two-hundred day moving average of $440.89. The stock has a market capitalization of $117.06 billion, a P/E ratio of 98.83 and a beta of 1.63.

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.