Corient Private Wealth LLC Sells 1,873 Shares of Spotify Technology S.A. (NYSE:SPOT)

Corient Private Wealth LLC cut its stake in Spotify Technology S.A. (NYSE:SPOT) by 7.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,140 shares of the company’s stock after selling 1,873 shares during the period. Corient Private Wealth LLC’s holdings in Spotify Technology were worth $10,412,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA boosted its holdings in Spotify Technology by 3.0% in 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 during the last quarter. Jennison Associates LLC bought a new stake in Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. State Street Corp boosted its holdings in Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after acquiring an additional 28,864 shares during the last quarter. FMR LLC boosted its holdings in Spotify Technology by 23.4% in the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after acquiring an additional 297,035 shares during the last quarter. Finally, Forsta AP Fonden bought a new stake in Spotify Technology in the fourth quarter valued at approximately $619,600,000. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SPOT shares. Redburn Atlantic started coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 price target on the stock. Morgan Stanley increased their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Wells Fargo & Company increased their price target on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Barclays increased their price target on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Finally, KeyCorp increased their price target on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $585.75 on Thursday. Spotify Technology S.A. has a 1 year low of $254.42 and a 1 year high of $652.63. The firm has a market cap of $119.91 billion, a PE ratio of 98.45 and a beta of 1.66. The stock has a fifty day moving average price of $562.18 and a 200-day moving average price of $465.39.

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.