Nemes Rush Group LLC Sells 87 Shares of Spotify Technology S.A. (NYSE:SPOT)

Nemes Rush Group LLC reduced its position in Spotify Technology S.A. (NYSE:SPOT) by 8.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 942 shares of the company’s stock after selling 87 shares during the quarter. Nemes Rush Group LLC’s holdings in Spotify Technology were worth $421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Thrivent Financial for Lutherans boosted its holdings in Spotify Technology by 566.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock worth $3,541,000 after buying an additional 6,782 shares during the period. Jennison Associates LLC bought a new position in shares of Spotify Technology in the fourth quarter worth about $1,335,575,000. Marks Group Wealth Management Inc bought a new stake in Spotify Technology during the 4th quarter valued at approximately $535,000. Patriot Financial Group Insurance Agency LLC purchased a new position in Spotify Technology in the 4th quarter worth approximately $214,000. Finally, Swedbank AB boosted its stake in Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company’s stock worth $423,279,000 after purchasing an additional 163,626 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $551.71 on Wednesday. The firm has a market cap of $112.94 billion, a PE ratio of 92.72 and a beta of 1.66. The firm’s 50 day simple moving average is $580.87 and its 200-day simple moving average is $482.18. Spotify Technology S.A. has a one year low of $261.38 and a one year high of $652.63.

Wall Street Analyst Weigh In

SPOT has been the topic of several research analyst reports. Redburn Atlantic began coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price on the stock. Wolfe Research reissued a “peer perform” rating on shares of Spotify Technology in a report on Friday, January 17th. Wells Fargo & Company lifted their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a report on Friday, March 28th. Barclays increased 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. Finally, UBS Group lifted their price objective on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Nine investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $552.47.

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.