MIG Capital LLC Invests $331,000 in Spotify Technology S.A. (NYSE:SPOT)

MIG Capital LLC acquired a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 739 shares of the company's stock, valued at approximately $331,000.

A number of other large investors have also modified their holdings of SPOT. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Spotify Technology by 34.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,189 shares of the company's stock valued at $807,000 after buying an additional 565 shares in the last quarter. HighTower Advisors LLC lifted its holdings in Spotify Technology by 25.2% during the third quarter. HighTower Advisors LLC now owns 16,549 shares of the company's stock valued at $6,073,000 after purchasing an additional 3,330 shares in the last quarter. Integrated Wealth Concepts LLC grew its position in shares of Spotify Technology by 5.6% in the third quarter. Integrated Wealth Concepts LLC now owns 1,743 shares of the company's stock valued at $642,000 after purchasing an additional 93 shares during the period. Royal London Asset Management Ltd. increased its stake in shares of Spotify Technology by 6.8% during the third quarter. Royal London Asset Management Ltd. now owns 62,661 shares of the company's stock worth $23,092,000 after purchasing an additional 3,984 shares in the last quarter. Finally, Quantinno Capital Management LP raised its position in shares of Spotify Technology by 14.2% during the 3rd quarter. Quantinno Capital Management LP now owns 9,500 shares of the company's stock worth $3,501,000 after purchasing an additional 1,180 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company's stock.

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Spotify Technology Price Performance

Shares of SPOT traded down $5.21 during midday trading on Friday, reaching $547.81. The stock had a trading volume of 956,857 shares, compared to its average volume of 2,169,936. The company's fifty day simple moving average is $583.39 and its two-hundred day simple moving average is $491.92. The company has a market cap of $112.14 billion, a price-to-earnings ratio of 92.33 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.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SPOT shares. Canaccord Genuity Group lifted their price objective on Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Citigroup upped their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a research note on Friday, February 14th. Wolfe Research reissued a "peer perform" rating on shares of Spotify Technology in a research note on Friday, January 17th. Barclays upped their price target on Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a research note on Wednesday, February 5th. Finally, Macquarie raised their price objective on Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Nine investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $555.30.

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.