Comgest Global Investors S.A.S. Lowers Stock Holdings in Spotify Technology S.A. (NYSE:SPOT)

Comgest Global Investors S.A.S. trimmed its stake in Spotify Technology S.A. (NYSE:SPOT) by 41.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,563 shares of the company’s stock after selling 32,735 shares during the period. Comgest Global Investors S.A.S.’s holdings in Spotify Technology were worth $17,160,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in SPOT. GQG Partners LLC purchased a new stake in Spotify Technology in the 1st quarter valued at about $610,040,000. Swedbank AB purchased a new stake in shares of Spotify Technology in the 1st quarter worth approximately $198,663,000. WCM Investment Management LLC lifted its position in shares of Spotify Technology by 18.5% in the 3rd quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares during the period. International Assets Investment Management LLC lifted its position in shares of Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock worth $128,073,000 after purchasing an additional 346,585 shares during the period. Finally, Sei Investments Co. lifted its position in shares of Spotify Technology by 106.8% in the 2nd quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock worth $202,828,000 after purchasing an additional 333,782 shares during the period. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft upped their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a research report on Monday, October 7th. Macquarie upped their price target on shares of Spotify Technology from $395.00 to $500.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Piper Sandler upped their price target on shares of Spotify Technology from $330.00 to $450.00 and gave the stock a “neutral” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Performance

Shares of NYSE:SPOT traded down $19.18 during midday trading on Friday, reaching $458.32. The company’s stock had a trading volume of 3,024,154 shares, compared to its average volume of 1,936,045. The firm has a market capitalization of $91.23 billion, a PE ratio of 124.59 and a beta of 1.56. Spotify Technology S.A. has a twelve month low of $170.62 and a twelve month high of $489.69. The stock has a fifty day moving average of $378.15 and a 200 day moving average of $337.83. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.31.

Spotify Technology Company 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.