Mon Sep 23 17:36:46 UTC 2024: ## Spotify Sees Mixed Investor Sentiment as Altshuler Shaham Cuts Stake

**New York, NY** – Spotify Technology (NYSE: SPOT) experienced a mixed bag of investor activity in the second quarter, according to recent SEC filings. Altshuler Shaham Ltd, a prominent institutional investor, reduced its stake in the company by 37.1%, selling off 1,100 shares, leaving them with 1,867 shares worth $586,000.

Meanwhile, other investors demonstrated confidence in the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Spotify by 30.7%, while Franklin Resources Inc. significantly increased its holdings by 1,500.5%. TD Asset Management Inc. and Envestnet Asset Management Inc. also raised their stakes.

Overall, institutional investors own a sizable 84.09% of Spotify’s stock. The company’s stock opened at $365.17 on Monday, with a market cap of $69.46 billion.

Despite the mixed signals from institutional investors, analysts remain optimistic about Spotify’s future. Morgan Stanley increased its target price on Spotify from $370.00 to $400.00 and maintained an “overweight” rating, while other firms like Redburn Atlantic and DZ Bank revised their ratings and price objectives.

Overall, Spotify’s stock currently boasts an average rating of “Moderate Buy” with an average target price of $359.14, according to MarketBeat.com.

Spotify continues to grow its global presence in the music and podcast streaming market, with its premium and ad-supported services gaining traction among listeners worldwide.

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