Bessemer Group Inc. Acquires 151,543 Shares of Spotify Technology S.A. (NYSE:SPOT)

Bessemer Group Inc. raised its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 2,034.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 158,992 shares of the company's stock after purchasing an additional 151,543 shares during the quarter. Bessemer Group Inc. owned about 0.08% of Spotify Technology worth $71,129,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC acquired a new stake in Spotify Technology during the 4th quarter valued at $1,335,575,000. GQG Partners LLC acquired a new stake in Spotify Technology in the fourth quarter valued at $800,725,000. Forsta AP Fonden acquired a new position in Spotify Technology during the 4th quarter worth $619,600,000. Geode Capital Management LLC increased its position in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock worth $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Finally, Norges Bank bought a new position in Spotify Technology during the 4th quarter worth approximately $396,028,000. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Up 4.5 %

SPOT stock traded up $24.76 during mid-day trading on Tuesday, reaching $573.93. 1,450,402 shares of the company traded hands, compared to its average volume of 2,178,792. The stock has a market cap of $117.49 billion, a price-to-earnings ratio of 96.46 and a beta of 1.75. Spotify Technology S.A. has a fifty-two week low of $267.76 and a fifty-two week high of $652.63. The firm's 50 day moving average price is $580.24 and its 200 day moving average price is $495.06.

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Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent research reports. Canaccord Genuity Group raised their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Cantor Fitzgerald reiterated a "neutral" rating and set a $480.00 price target (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Guggenheim reiterated a "buy" rating and set a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. UBS Group cut their price target on shares of Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a report on Tuesday. Finally, Wolfe Research restated a "peer perform" rating on shares of Spotify Technology in a report on Friday, January 17th. Nine equities research 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 has an average rating of "Moderate Buy" and a consensus price target of $554.97.

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.