126,400 Shares in Spotify Technology S.A. (NYSE:SPOT) Acquired by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS bought a new stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 126,400 shares of the company's stock, valued at approximately $56,549,000. KLP Kapitalforvaltning AS owned about 0.06% of Spotify Technology at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jennison Associates LLC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at $1,335,575,000. Forsta AP Fonden purchased a new position in shares of Spotify Technology in the fourth quarter worth about $619,600,000. Amundi lifted its stake in shares of Spotify Technology by 194.2% in the 4th quarter. Amundi now owns 750,030 shares of the company's stock valued at $359,812,000 after acquiring an additional 495,087 shares during the last quarter. Swiss National Bank purchased a new stake in Spotify Technology during the 4th quarter valued at about $189,197,000. Finally, FMR LLC grew its position in Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company's stock worth $577,788,000 after acquiring an additional 297,035 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SPOT. Macquarie raised their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a report on Thursday, January 30th. Citigroup boosted their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a research report on Friday, February 14th. Redburn Atlantic initiated coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 target price on the stock. KeyCorp increased their price objective on Spotify Technology from $555.00 to $600.00 and gave the stock an "overweight" rating in a report on Friday, January 31st. Finally, Wells Fargo & Company lifted their price objective on Spotify Technology from $520.00 to $690.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the company's stock. According to MarketBeat, Spotify Technology presently has a consensus rating of "Moderate Buy" and an average price target of $540.68.

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Spotify Technology Price Performance

Shares of NYSE:SPOT traded up $11.57 on Tuesday, hitting $616.28. 782,769 shares of the company's stock were exchanged, compared to its average volume of 2,106,639. The stock has a market capitalization of $126.16 billion, a price-to-earnings ratio of 103.64 and a beta of 1.66. Spotify Technology S.A. has a 12 month low of $257.56 and a 12 month high of $652.63. The business's 50 day simple moving average is $570.20 and its two-hundred day simple moving average is $471.97.

Spotify Technology 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.