Northwest & Ethical Investments L.P. Cuts Position in Spotify Technology S.A. (NYSE:SPOT)

Northwest & Ethical Investments L.P. cut its stake in Spotify Technology S.A. (NYSE:SPOT) by 3.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,147 shares of the company’s stock after selling 603 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Spotify Technology were worth $7,671,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SPOT. Prestige Wealth Management Group LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter worth $26,000. Hobbs Group Advisors LLC acquired a new stake in shares of Spotify Technology in the 3rd quarter worth $33,000. Larson Financial Group LLC boosted 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 worth $36,000 after purchasing an additional 33 shares in the last quarter. Quent Capital LLC boosted its position in shares of Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC acquired a new stake in shares of Spotify Technology in the 4th quarter worth $52,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent analyst reports. Morgan Stanley raised their price objective on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Guggenheim reaffirmed a “buy” rating and set a $675.00 price target on shares of Spotify Technology in a research report on Monday, February 24th. UBS Group lifted their price target on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. Finally, Wells Fargo & Company lifted their price target on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Stock Up 1.1 %

Shares of Spotify Technology stock opened at $592.78 on Friday. Spotify Technology S.A. has a twelve month low of $257.56 and a twelve month high of $652.63. The business has a 50-day moving average price of $564.44 and a 200 day moving average price of $466.28. The firm has a market cap of $121.35 billion, a PE ratio of 99.63 and a beta of 1.66.

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.