Corebridge Financial Inc. Acquires New Holdings in Spotify Technology S.A. (NYSE:SPOT)

Corebridge Financial Inc. purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 23,554 shares of the company's stock, valued at approximately $10,538,000.

A number of other large investors also recently modified their holdings of the business. Jennison Associates LLC bought a new stake in Spotify Technology in the 4th quarter valued at $1,335,575,000. Forsta AP Fonden bought a new stake in shares of Spotify Technology in the 4th quarter worth approximately $619,600,000. Amundi raised its stake in shares of Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company's stock valued at $359,812,000 after purchasing an additional 495,087 shares in the last quarter. Swiss National Bank bought a new position in Spotify Technology in the fourth quarter worth $189,197,000. Finally, FMR LLC boosted its stake in Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company's stock worth $577,788,000 after buying an additional 297,035 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on SPOT shares. Wells Fargo & Company raised their price target on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a research note on Friday. The Goldman Sachs Group increased their price objective on Spotify Technology from $550.00 to $695.00 and gave the stock a "buy" rating in a research note on Thursday, February 6th. Redburn Atlantic assumed coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price on the stock. Barclays lifted their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a report on Wednesday, February 5th. Finally, FBN Securities began coverage on shares of Spotify Technology in a research note on Friday. They issued a "sector perform" rating and a $645.00 target price for the company. Nine investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $552.47.

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Spotify Technology Stock Performance

Shares of Spotify Technology stock traded down $10.06 during midday trading on Monday, hitting $551.10. The company had a trading volume of 3,178,955 shares, compared to its average volume of 2,161,174. Spotify Technology S.A. has a 52-week low of $260.80 and a 52-week high of $652.63. The stock has a market capitalization of $112.81 billion, a P/E ratio of 92.62 and a beta of 1.66. The company has a 50 day moving average of $579.58 and a 200 day moving average of $480.67.

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.