ARK Investment Management LLC Has $43.75 Million Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

ARK Investment Management LLC lessened its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 10.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 97,793 shares of the company’s stock after selling 10,988 shares during the quarter. ARK Investment Management LLC’s holdings in Spotify Technology were worth $43,751,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in SPOT. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth about $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth about $33,000. Larson Financial Group LLC lifted its position in shares of Spotify Technology by 51.6% during the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after purchasing an additional 33 shares during the last quarter. Rakuten Securities Inc. lifted its position in shares of Spotify Technology by 40.5% during the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock worth $41,000 after purchasing an additional 32 shares during the last quarter. Finally, Quent Capital LLC lifted its position in shares of Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $588.06 on Wednesday. The business’s 50 day simple moving average is $528.15 and its 200-day simple moving average is $440.89. Spotify Technology S.A. has a one year low of $249.38 and a one year high of $652.63. The company has a market capitalization of $117.06 billion, a P/E ratio of 98.83 and a beta of 1.63.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a research report on Friday, January 17th. Barclays boosted their price target on Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. KeyCorp boosted their price target on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Benchmark boosted their price target on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Finally, Canaccord Genuity Group boosted their price target on Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $529.43.

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.