Alecta Tjanstepension Omsesidigt Lowers Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Alecta Tjanstepension Omsesidigt decreased its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 26.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 923,400 shares of the company’s stock after selling 339,000 shares during the period. Spotify Technology comprises 2.2% of Alecta Tjanstepension Omsesidigt’s investment portfolio, making the stock its 14th biggest position. Alecta Tjanstepension Omsesidigt’s holdings in Spotify Technology were worth $412,843,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology in the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC acquired a new position in Spotify Technology during the 3rd quarter worth approximately $33,000. Larson Financial Group LLC increased its position in shares of Spotify Technology by 51.6% in the 3rd quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares during the last quarter. Rakuten Securities Inc. raised its holdings in shares of Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company’s stock valued at $41,000 after purchasing an additional 32 shares in 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. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Up 2.4 %

Shares of SPOT opened at $602.53 on Thursday. Spotify Technology S.A. has a 52-week low of $249.38 and a 52-week high of $652.63. The company has a 50-day simple moving average of $531.23 and a 200-day simple moving average of $442.02. The company has a market capitalization of $119.94 billion, a PE ratio of 101.27 and a beta of 1.63.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on SPOT shares. Bank of America increased their target price on Spotify Technology from $430.00 to $515.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Barclays raised their target price on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group increased their price target 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. Wolfe Research reiterated a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Finally, Canaccord Genuity Group lifted their target price on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. 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.com, Spotify Technology presently has an average rating of “Moderate Buy” and an average target price of $529.43.

About Spotify Technology

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.