Massachusetts Financial Services Co. MA Has $1.53 Billion Position in Spotify Technology S.A. (NYSE:SPOT)

Massachusetts Financial Services Co. MA trimmed its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 2.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,414,435 shares of the company’s stock after selling 77,735 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 1.72% of Spotify Technology worth $1,527,550,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Auxano Advisors LLC raised its position in Spotify Technology by 2.5% during the 4th quarter. Auxano Advisors LLC now owns 828 shares of the company’s stock worth $370,000 after purchasing an additional 20 shares during the last quarter. SRS Capital Advisors Inc. increased its stake in shares of Spotify Technology by 4.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 573 shares of the company’s stock valued at $256,000 after buying an additional 25 shares during the period. First Horizon Advisors Inc. raised its position in shares of Spotify Technology by 5.4% during the fourth quarter. First Horizon Advisors Inc. now owns 504 shares of the company’s stock worth $225,000 after acquiring an additional 26 shares during the last quarter. Harbour Investments Inc. lifted its stake in shares of Spotify Technology by 13.3% in the fourth quarter. Harbour Investments Inc. now owns 222 shares of the company’s stock worth $99,000 after acquiring an additional 26 shares during the period. Finally, Cookson Peirce & Co. Inc. boosted its holdings in Spotify Technology by 1.9% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 1,467 shares of the company’s stock valued at $656,000 after acquiring an additional 27 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of 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. Spotify Technology S.A. has a one year low of $261.38 and a one year high of $652.63. The company has a market cap of $112.94 billion, a P/E ratio of 92.72 and a beta of 1.66.

Analysts Set New Price Targets

SPOT has been the topic of a number of recent analyst reports. Wolfe Research restated a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. 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 research report on Friday, February 14th. Guggenheim reissued a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a research report on Monday, February 24th. Finally, KeyCorp upped their target price on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Nine investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $552.47.

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.