885,216 Shares in Spotify Technology S.A. (NYSE:SPOT) Acquired by Norges Bank

Norges Bank acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 885,216 shares of the company's stock, valued at approximately $396,028,000. Norges Bank owned 0.44% of Spotify Technology as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC acquired a new position in shares of Spotify Technology during the 3rd quarter worth about $26,000. Hillsdale Investment Management Inc. acquired a new position in Spotify Technology during the fourth quarter valued at approximately $27,000. Hobbs Group Advisors LLC bought a new stake in Spotify Technology in the third quarter valued at approximately $33,000. Larson Financial Group LLC increased its stake in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company's stock valued at $36,000 after purchasing an additional 33 shares in the last quarter. Finally, Quent Capital LLC raised its holdings in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after purchasing an additional 57 shares during the period. Institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Down 1.9 %

Shares of SPOT traded down $10.89 during midday trading on Thursday, reaching $554.52. The stock had a trading volume of 943,361 shares, compared to its average volume of 2,158,669. The firm has a market cap of $113.51 billion, a PE ratio of 93.20 and a beta of 1.66. The firm has a 50 day simple moving average of $582.30 and a 200-day simple moving average of $482.76. Spotify Technology S.A. has a one year low of $267.76 and a one year high of $652.63.

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Analyst Ratings Changes

Several equities analysts have recently issued reports on SPOT shares. China Renaissance began coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target for the company. Wolfe Research reissued a "peer perform" rating on shares of Spotify Technology in a research note on Friday, January 17th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research report on Wednesday, February 5th. KeyCorp lifted their price objective on Spotify Technology from $555.00 to $600.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Finally, Wells Fargo & Company increased their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research note on Friday, March 28th. Nine analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus 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.