Pinnbrook Capital Management LP Has $2.96 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Pinnbrook Capital Management LP cut its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 88.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,612 shares of the company’s stock after selling 49,158 shares during the quarter. Pinnbrook Capital Management LP’s holdings in Spotify Technology were worth $2,958,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. WCM Investment Management LLC grew its holdings in shares of Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after buying an additional 605,755 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in Spotify Technology by 3.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,492,170 shares of the company’s stock valued at $1,286,969,000 after acquiring an additional 102,786 shares in the last quarter. Jennison Associates LLC purchased a new position in Spotify Technology in the 4th quarter worth approximately $1,335,575,000. State Street Corp lifted its holdings in shares of Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company’s stock worth $736,073,000 after acquiring an additional 28,864 shares during the last quarter. Finally, FMR LLC raised its holdings in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on SPOT shares. Phillip Securities reiterated an “accumulate” rating and set a $485.00 price target (up from $420.00) on shares of Spotify Technology in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. The Goldman Sachs Group upped their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Finally, Citigroup upped their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $529.43.

Spotify Technology Stock Performance

Shares of SPOT opened at $637.75 on Tuesday. The company’s fifty day moving average is $508.35 and its 200 day moving average is $426.64. Spotify Technology S.A. has a fifty-two week low of $239.66 and a fifty-two week high of $652.63. The stock has a market capitalization of $126.94 billion, a PE ratio of 107.18 and a beta of 1.63.

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.