Northwest & Ethical Investments L.P. Sells 603 Shares of Spotify Technology S.A. (NYSE:SPOT)

Northwest & Ethical Investments L.P. decreased its holdings in Spotify Technology S.A. (NYSE:SPOT) by 3.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,147 shares of the company’s stock after selling 603 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Spotify Technology were worth $7,671,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. OneDigital Investment Advisors LLC boosted its stake in Spotify Technology by 38.9% during the third quarter. OneDigital Investment Advisors LLC now owns 1,074 shares of the company’s stock valued at $396,000 after buying an additional 301 shares during the last quarter. Pathstone Holdings LLC boosted its stake in Spotify Technology by 16.9% during the third quarter. Pathstone Holdings LLC now owns 24,258 shares of the company’s stock valued at $8,940,000 after buying an additional 3,515 shares during the last quarter. Caprock Group LLC boosted its stake in Spotify Technology by 4.4% during the third quarter. Caprock Group LLC now owns 4,696 shares of the company’s stock valued at $1,731,000 after buying an additional 199 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Spotify Technology by 12.4% during the third quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company’s stock valued at $4,335,000 after buying an additional 1,299 shares during the last quarter. Finally, Avior Wealth Management LLC boosted its stake in Spotify Technology by 12.0% during the third quarter. Avior Wealth Management LLC now owns 281 shares of the company’s stock valued at $104,000 after buying an additional 30 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Canaccord Genuity Group increased their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. UBS Group raised their price objective on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. KeyCorp raised their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, Benchmark raised their price objective on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, Spotify Technology has a consensus rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Stock Up 1.1 %

SPOT opened at $592.78 on Friday. The stock’s fifty day moving average is $564.44 and its two-hundred day moving average is $466.28. The company has a market capitalization of $121.35 billion, a P/E ratio of 99.63 and a beta of 1.66. Spotify Technology S.A. has a 52 week low of $257.56 and a 52 week high of $652.63.

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.