Winslow Capital Management LLC Cuts Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Winslow Capital Management LLC lowered its stake in Spotify Technology S.A. (NYSE:SPOT) by 22.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,489,379 shares of the company’s stock after selling 440,769 shares during the period. Spotify Technology makes up approximately 2.4% of Winslow Capital Management LLC’s portfolio, making the stock its 12th biggest holding. Winslow Capital Management LLC’s holdings in Spotify Technology were worth $666,318,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the 4th quarter worth about $27,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology in the 3rd quarter worth about $33,000. Quent Capital LLC lifted its stake in 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 acquiring an additional 57 shares during the period. Finally, Noble Wealth Management PBC purchased a new stake in shares of Spotify Technology during the 4th quarter valued at about $52,000. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $514.74 on Wednesday. The stock’s fifty day moving average is $582.51 and its two-hundred day moving average is $488.76. Spotify Technology S.A. has a fifty-two week low of $267.76 and a fifty-two week high of $652.63. The firm has a market capitalization of $105.37 billion, a price-to-earnings ratio of 86.51 and a beta of 1.75.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SPOT shares. Redburn Atlantic started coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target on the stock. Guggenheim reiterated a “buy” rating and set a $675.00 price target on shares of Spotify Technology in a research note on Monday, February 24th. China Renaissance assumed coverage on Spotify Technology in a report on Wednesday, March 26th. They issued a “buy” rating and a $740.00 target price on the stock. Cantor Fitzgerald reissued a “neutral” rating and set a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Finally, Citigroup raised their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Nine research 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 currently has a consensus rating of “Moderate Buy” and an average target price of $554.47.

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.