Capital Group Investment Management PTE. LTD. Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Capital Group Investment Management PTE. LTD. bought a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 743 shares of the company's stock, valued at approximately $332,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPOT. Capital International Investors grew its stake in Spotify Technology by 2,063.7% in the fourth quarter. Capital International Investors now owns 352,491 shares of the company's stock valued at $158,027,000 after acquiring an additional 336,200 shares during the period. Capital International Sarl bought a new position in shares of Spotify Technology in the 4th quarter worth $1,719,000. Wasatch Advisors LP acquired a new stake in Spotify Technology in the 4th quarter valued at $508,000. NewEdge Advisors LLC increased its stake in Spotify Technology by 37.4% during the 4th quarter. NewEdge Advisors LLC now owns 9,199 shares of the company's stock valued at $4,115,000 after purchasing an additional 2,505 shares in the last quarter. Finally, Insigneo Advisory Services LLC raised its holdings in Spotify Technology by 10.5% during the fourth quarter. Insigneo Advisory Services LLC now owns 1,053 shares of the company's stock worth $471,000 after buying an additional 100 shares during the last quarter. 84.09% of the stock is owned by institutional investors.

Spotify Technology Price Performance

NYSE:SPOT opened at $574.85 on Friday. The company has a market cap of $117.68 billion, a P/E ratio of 96.61 and a beta of 1.75. Spotify Technology S.A. has a 1 year low of $267.76 and a 1 year high of $652.63. The stock's fifty day moving average price is $576.70 and its two-hundred day moving average price is $497.49.

Analysts Set New Price Targets

Several research firms have recently commented on SPOT. Macquarie boosted their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. KeyCorp decreased their price objective on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Guggenheim restated a "buy" rating and issued a $675.00 target price on shares of Spotify Technology in a report on Monday, February 24th. Benchmark upped their price target on Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Finally, China Renaissance initiated coverage on Spotify Technology in a research report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 price target for the company. Nine equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $564.45.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.