Diamond Hill Capital Management Inc. Has $3.44 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Diamond Hill Capital Management Inc. reduced its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 17.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,685 shares of the company’s stock after selling 1,579 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Spotify Technology were worth $3,438,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of SPOT. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the third quarter worth about $26,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology during the third quarter worth about $33,000. Larson Financial Group LLC raised its holdings in Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after acquiring an additional 33 shares in the last quarter. Quent Capital LLC raised its holdings in Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC bought a new stake in Spotify Technology during the fourth quarter worth about $52,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Price Performance

Spotify Technology stock opened at $576.02 on Friday. The stock’s fifty day moving average price is $555.35 and its two-hundred day moving average price is $459.43. Spotify Technology S.A. has a one year low of $249.58 and a one year high of $652.63. The firm has a market cap of $117.92 billion, a PE ratio of 96.81 and a beta of 1.66.

Analysts Set New Price Targets

Several analysts recently issued reports on SPOT shares. Wells Fargo & Company upped their target price on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Citigroup upped their target price on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Morgan Stanley upped their price objective on Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. Finally, Guggenheim restated a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. Eight research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $540.68.

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.