Capital International Sarl Takes $1.72 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Capital International Sarl purchased a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 3,843 shares of the company's stock, valued at approximately $1,719,000.

A number of other hedge funds have also recently added to or reduced their stakes in SPOT. Jennison Associates LLC purchased a new stake in shares of Spotify Technology during the fourth quarter worth approximately $1,335,575,000. GQG Partners LLC acquired a new position in shares of Spotify Technology during the 4th quarter worth $800,725,000. Forsta AP Fonden purchased a new stake in shares of Spotify Technology in the fourth quarter valued at about $619,600,000. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 1,259,183 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Spotify Technology in the fourth quarter valued at $396,028,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Trading Up 2.2 %

Shares of Spotify Technology stock traded up $13.32 on Thursday, reaching $606.02. 860,937 shares of the company were exchanged, compared to its average volume of 2,121,477. Spotify Technology S.A. has a one year low of $271.65 and a one year high of $652.63. The company has a 50-day moving average of $572.08 and a 200 day moving average of $503.17. The company has a market capitalization of $124.06 billion, a price-to-earnings ratio of 101.87 and a beta of 1.75.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Guggenheim reaffirmed a "buy" rating and set a $675.00 price target on shares of Spotify Technology in a research note on Monday, February 24th. FBN Securities started coverage on Spotify Technology in a research note on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price for the company. Wells Fargo & Company upped their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday, March 28th. UBS Group decreased their target price on Spotify Technology from $690.00 to $680.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Canaccord Genuity Group raised their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Seven 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, Spotify Technology has a consensus rating of "Moderate Buy" and an average target price of $585.32.

Spotify Technology Company Profile

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.