Clearbridge Investments LLC Purchases New Stake in Spotify Technology S.A. (NYSE:SPOT)

Clearbridge Investments LLC bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 319,131 shares of the company's stock, valued at approximately $142,773,000. Clearbridge Investments LLC owned 0.16% of Spotify Technology as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SPOT. Jennison Associates LLC acquired a new stake in shares of Spotify Technology in the fourth quarter valued at approximately $1,335,575,000. GQG Partners LLC purchased a new position in shares of Spotify Technology in the fourth quarter valued at approximately $800,725,000. Forsta AP Fonden acquired a new position in shares of Spotify Technology in the fourth quarter worth $619,600,000. Norges Bank purchased a new stake in Spotify Technology during the 4th quarter worth about $396,028,000. Finally, Amundi raised its holdings in Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company's stock valued at $359,812,000 after acquiring an additional 495,087 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Spotify Technology stock traded up $13.44 during mid-day trading on Wednesday, reaching $565.17. The stock had a trading volume of 1,919,603 shares, compared to its average volume of 2,162,196. Spotify Technology S.A. has a fifty-two week low of $261.38 and a fifty-two week high of $652.63. The stock's 50-day simple moving average is $580.87 and its 200-day simple moving average is $482.18. The firm has a market capitalization of $115.69 billion, a PE ratio of 94.99 and a beta of 1.66.

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Wall Street Analyst Weigh In

Several analysts have recently weighed in on SPOT shares. Morgan Stanley boosted their target price on Spotify Technology from $550.00 to $670.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. China Renaissance assumed coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price on the stock. FBN Securities began coverage on shares of Spotify Technology in a research report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price on the stock. Benchmark upped their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Finally, The Goldman Sachs Group boosted their price target on Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a report on Thursday, February 6th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $557.47.

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.