Capital Wealth Planning LLC Sells 458 Shares of Spotify Technology S.A. (NYSE:SPOT)

Capital Wealth Planning LLC reduced its stake in Spotify Technology S.A. (NYSE:SPOT) by 40.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 676 shares of the company’s stock after selling 458 shares during the period. Capital Wealth Planning LLC’s holdings in Spotify Technology were worth $302,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Prestige Wealth Management Group LLC bought a new position in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology during the third quarter valued at approximately $33,000. Larson Financial Group LLC boosted its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock valued at $36,000 after purchasing an additional 33 shares in the last quarter. Quent Capital LLC boosted its stake in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after purchasing an additional 57 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its stake in shares of Spotify Technology by 40.5% during the third 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. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $608.16 on Friday. The firm has a fifty day moving average price of $536.90 and a 200 day moving average price of $445.69. Spotify Technology S.A. has a 1 year low of $249.58 and a 1 year high of $652.63. The stock has a market cap of $121.06 billion, a PE ratio of 102.21 and a beta of 1.63.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SPOT. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group increased their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Pivotal Research increased their price objective on shares of Spotify Technology from $510.00 to $565.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Citigroup increased their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target 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.