Abacus FCF Advisors LLC acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 17,681 shares of the company's stock, valued at approximately $7,910,000. Spotify Technology comprises about 1.0% of Abacus FCF Advisors LLC's portfolio, making the stock its 25th biggest holding.
A number of other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC bought a new stake in shares of Spotify Technology in the fourth quarter worth about $1,335,575,000. GQG Partners LLC bought a new stake in Spotify Technology during the 4th quarter worth approximately $800,725,000. Forsta AP Fonden bought a new stake in Spotify Technology during the 4th quarter worth approximately $619,600,000. Geode Capital Management LLC raised its holdings in Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after buying an additional 1,259,183 shares during the period. Finally, Norges Bank bought a new position in Spotify Technology in the fourth quarter valued at approximately $396,028,000. Institutional investors and hedge funds own 84.09% of the company's stock.
Spotify Technology Trading Down 1.8 %
Shares of NYSE:SPOT traded down $9.78 during trading on Friday, reaching $543.24. 2,153,397 shares of the stock were exchanged, compared to its average volume of 2,181,716. The firm has a market cap of $111.21 billion, a PE ratio of 91.30 and a beta of 1.75. Spotify Technology S.A. has a 12 month low of $267.76 and a 12 month high of $652.63. The stock has a 50-day moving average price of $581.80 and a 200-day moving average price of $493.82.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on SPOT. Redburn Atlantic assumed coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price objective for the company. Canaccord Genuity Group increased their target price on Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Macquarie boosted their price target on Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Guggenheim reiterated a "buy" rating and set a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Finally, The Goldman Sachs Group lifted their target price on Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a research report on Thursday, February 6th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $555.30.
View Our Latest Stock Report on SPOT
Spotify Technology Profile
(
Free Report)
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.
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