Spotify Technology S.A. (NYSE:SPOT) is Marcho Partners LLP’s 8th Largest Position

Marcho Partners LLP trimmed its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 24.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 44,028 shares of the company’s stock after selling 14,370 shares during the quarter. Spotify Technology comprises approximately 5.3% of Marcho Partners LLP’s holdings, making the stock its 8th largest holding. Marcho Partners LLP’s holdings in Spotify Technology were worth $19,697,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Townsquare Capital LLC grew its holdings in Spotify Technology by 7.8% during the third quarter. Townsquare Capital LLC now owns 994 shares of the company’s stock worth $366,000 after acquiring an additional 72 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Spotify Technology by 34.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,189 shares of the company’s stock worth $807,000 after purchasing an additional 565 shares in the last quarter. Benjamin Edwards Inc. grew its stake in shares of Spotify Technology by 5,045.9% during the 3rd quarter. Benjamin Edwards Inc. now owns 4,374 shares of the company’s stock worth $1,612,000 after purchasing an additional 4,289 shares during the period. Hilltop Holdings Inc. increased its holdings in shares of Spotify Technology by 60.5% during the 3rd quarter. Hilltop Holdings Inc. now owns 1,765 shares of the company’s stock valued at $650,000 after purchasing an additional 665 shares in the last quarter. Finally, HighTower Advisors LLC lifted its stake in shares of Spotify Technology by 25.2% in the 3rd quarter. HighTower Advisors LLC now owns 16,549 shares of the company’s stock valued at $6,073,000 after purchasing an additional 3,330 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 9.9 %

Shares of SPOT opened at $502.90 on Friday. The stock has a fifty day simple moving average of $583.28 and a two-hundred day simple moving average of $484.42. The company has a market capitalization of $102.95 billion, a PE ratio of 84.52 and a beta of 1.75. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week high of $652.63.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SPOT. The Goldman Sachs Group raised their price target on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research report on Thursday, February 6th. Wells Fargo & Company raised their target price on Spotify Technology from $690.00 to $740.00 and gave the company an “overweight” rating in a research report on Friday, March 28th. Guggenheim reiterated a “buy” rating and set a $675.00 price target on shares of Spotify Technology in a research report on Monday, February 24th. KeyCorp raised their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Macquarie upped their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Nine 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, the company presently has a consensus rating of “Moderate Buy” and an average target price of $557.47.

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.