Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Spotify Technology S.A. (NYSE:SPOT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 111,364 shares of the company's stock, valued at approximately $51,972,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.06% of Spotify Technology at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the business. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $27,000. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology in the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC bought a new position in Spotify Technology during the third quarter valued at $33,000. Larson Financial Group LLC increased its position in Spotify Technology by 51.6% in the third quarter. Larson Financial Group LLC now owns 97 shares of the company's stock worth $36,000 after buying an additional 33 shares during the last quarter. Finally, Quent Capital LLC increased its position in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock worth $44,000 after buying an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on SPOT. Morgan Stanley increased their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $480.00 target price (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Guggenheim reissued a "buy" rating and issued a $675.00 price target on shares of Spotify Technology in a research report on Monday, February 24th. FBN Securities began coverage on shares of Spotify Technology in a report on Friday, March 28th. They issued a "sector perform" rating and a $645.00 price objective for the company. Finally, Wells Fargo & Company boosted 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, March 28th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $557.47.
View Our Latest Analysis on Spotify Technology
Spotify Technology Price Performance
NYSE SPOT traded up $18.70 during trading hours on Wednesday, reaching $570.43. 901,410 shares of the stock traded hands, compared to its average volume of 2,329,372. The stock has a 50 day simple moving average of $580.87 and a two-hundred day simple moving average of $482.18. Spotify Technology S.A. has a 1 year low of $267.76 and a 1 year high of $652.63. The company has a market cap of $116.77 billion, a price-to-earnings ratio of 95.87 and a beta of 1.66.
About Spotify Technology
(
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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