Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 1,038 shares of the company's stock, valued at approximately $464,000.
A number of other hedge funds have also made changes to their positions in the business. Jennison Associates LLC acquired a new stake in Spotify Technology during the 4th quarter worth $1,335,575,000. GQG Partners LLC purchased a new position in shares of Spotify Technology during the fourth quarter worth about $800,725,000. Forsta AP Fonden acquired a new stake in shares of Spotify Technology during the fourth quarter worth about $619,600,000. Amundi lifted its holdings 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 purchasing an additional 495,087 shares during the last quarter. Finally, Swiss National Bank acquired a new stake in shares of Spotify Technology in the 4th quarter valued at about $189,197,000. Hedge funds and other institutional investors own 84.09% of the company's stock.
Spotify Technology Stock Up 0.3 %
Shares of SPOT traded up $1.68 during mid-day trading on Tuesday, reaching $551.71. 1,610,087 shares of the company's stock were exchanged, compared to its average volume of 2,163,126. Spotify Technology S.A. has a 52-week low of $261.38 and a 52-week high of $652.63. The company has a market cap of $112.94 billion, a price-to-earnings ratio of 92.72 and a beta of 1.66. The company has a 50-day simple moving average of $580.87 and a two-hundred day simple moving average of $482.18.
Analysts Set New Price Targets
Several research analysts have commented on SPOT shares. Guggenheim reaffirmed a "buy" rating and set a $675.00 price target on shares of Spotify Technology in a research report on Monday, February 24th. Wolfe Research restated a "peer perform" rating on shares of Spotify Technology in a research report on Friday, January 17th. FBN Securities began coverage on shares of Spotify Technology in a research report on Friday. They issued a "sector perform" rating and a $645.00 price target for the company. Morgan Stanley raised their price objective on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 5th. Finally, Wells Fargo & Company upped their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a report on Friday. Nine research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $552.47.
Get Our Latest Stock Analysis on SPOT
Spotify Technology Company Profile
(
Free Report)
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.
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