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I would guess no, I will wait for the experts to chime in.

It should be more than 300.

Yes, thats the default. Was checking if there is any hack to come around this.

If you specifically want to target 100 contacts, you can also include some irrelevant job titles like carpenter, janitor or anyother function/title that won't use LinkedIn that much. So, eventually, you'll end up showing your ads for concentrated 100 audiences without spending a lot on the irrelevant ones.

no, there isnt afaik.