1,789,809 Shares in Spotify Technology S.A. (NYSE:SPOT) Purchased by GQG Partners LLC

GQG Partners LLC bought a new position in Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,789,809 shares of the company's stock, valued at approximately $800,725,000. Spotify Technology comprises about 1.2% of GQG Partners LLC's investment portfolio, making the stock its 28th biggest position. GQG Partners LLC owned approximately 0.90% of Spotify Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the fourth quarter worth $27,000. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology during the 3rd quarter valued at about $26,000. Hobbs Group Advisors LLC purchased a new position in Spotify Technology in the third quarter worth about $33,000. Larson Financial Group LLC lifted its stake in shares of Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company's stock worth $36,000 after buying an additional 33 shares in the last quarter. Finally, Quent Capital LLC grew its holdings 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 buying an additional 57 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 2.7 %

Spotify Technology stock traded down $15.59 during midday trading on Friday, reaching $564.63. The stock had a trading volume of 850,285 shares, compared to its average volume of 2,149,885. The firm has a market cap of $115.58 billion, a price-to-earnings ratio of 94.74 and a beta of 1.66. Spotify Technology S.A. has a 52-week low of $258.00 and a 52-week high of $652.63. The company has a fifty day moving average of $576.80 and a 200 day moving average of $475.48.

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Wall Street Analysts Forecast Growth

SPOT has been the subject of a number of recent analyst reports. FBN Securities assumed coverage on shares of Spotify Technology in a report on Friday. They issued a "sector perform" rating and a $645.00 price objective for the company. Wells Fargo & Company upped their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday. China Renaissance assumed coverage on shares of Spotify Technology in a research note on Wednesday. They issued a "buy" rating and a $740.00 price target for the company. Wolfe Research restated a "peer perform" rating on shares of Spotify Technology in a report on Friday, January 17th. Finally, Rosenblatt Securities reissued a "neutral" rating and set a $658.00 price target (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has a consensus rating of "Moderate Buy" and an average price target of $552.47.

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.