Summit Financial LLC Decreases Holdings in Spotify Technology S.A. (NYSE:SPOT)

Summit Financial LLC decreased its stake in Spotify Technology S.A. (NYSE:SPOT) by 3.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,090 shares of the company’s stock after selling 145 shares during the period. Summit Financial LLC’s holdings in Spotify Technology were worth $1,830,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology in the 3rd quarter valued at about $26,000. Hillsdale Investment Management Inc. purchased a new position in shares of Spotify Technology in the fourth quarter worth about $27,000. Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology in the third quarter valued at approximately $33,000. Quent Capital LLC lifted its stake in shares of Spotify Technology by 135.7% during the 4th 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, Noble Wealth Management PBC bought a new position in Spotify Technology in the 4th quarter worth approximately $52,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SPOT. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. 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. Citigroup raised their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. UBS Group upped their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Finally, Wells Fargo & Company raised their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a report on Friday, March 28th. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $552.47.

Spotify Technology Price Performance

SPOT stock opened at $551.71 on Wednesday. The firm has a 50-day moving average of $580.87 and a 200 day moving average of $482.18. The company has a market cap of $112.94 billion, a P/E ratio of 92.72 and a beta of 1.66. Spotify Technology S.A. has a 1 year low of $261.38 and a 1 year high of $652.63.

Spotify Technology Company 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.