ING Groep NV Sells 58,486 Shares of Spotify Technology S.A. (NYSE:SPOT)

ING Groep NV reduced its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 86.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 9,146 shares of the company’s stock after selling 58,486 shares during the period. ING Groep NV’s holdings in Spotify Technology were worth $4,092,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of SPOT. Aigen Investment Management LP grew its holdings in Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after buying an additional 2,918 shares in the last quarter. Jennison Associates LLC bought a new stake in shares of Spotify Technology in the 4th quarter worth $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in shares of Spotify Technology in the fourth quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at about $214,000. Finally, Pathway Capital Management LP boosted its holdings in Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after purchasing an additional 11,042 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Citigroup upped their target price on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 target price (up from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. KeyCorp boosted their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Guggenheim raised their price objective on shares of Spotify Technology from $520.00 to $675.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Finally, The Goldman Sachs Group boosted their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $529.43.

Spotify Technology Price Performance

Shares of NYSE:SPOT opened at $606.98 on Friday. The firm has a fifty day moving average price of $523.55 and a two-hundred day moving average price of $436.50. The company has a market cap of $120.82 billion, a price-to-earnings ratio of 102.01 and a beta of 1.63. Spotify Technology S.A. has a one year low of $243.99 and a one year high of $652.63.

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.