Next Capital Management LLC Takes $385,000 Position in Spotify Technology S.A. (NYSE:SPOT)

Next Capital Management 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 Form 13F filing with the Securities & Exchange Commission. The firm acquired 860 shares of the company's stock, valued at approximately $385,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Prestige Wealth Management Group LLC purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hobbs Group Advisors LLC purchased a new position in shares of Spotify Technology during the third quarter valued at approximately $33,000. Larson Financial Group LLC boosted its position in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company's stock valued at $36,000 after buying an additional 33 shares during the last quarter. Quent Capital LLC boosted its position in shares of Spotify Technology by 135.7% during the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after buying an additional 57 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new position in shares of Spotify Technology during the fourth quarter valued at approximately $52,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SPOT shares. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $555.00 to $730.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. KeyCorp boosted their price objective on Spotify Technology from $555.00 to $600.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. UBS Group boosted their price objective on Spotify Technology from $485.00 to $540.00 and gave the stock a "buy" rating in a research report on Wednesday, January 15th. Canaccord Genuity Group boosted their price objective on Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a research report on Wednesday, February 5th. Finally, Citigroup boosted their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target of $540.68.

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Spotify Technology Stock Performance

Spotify Technology stock traded up $5.09 during mid-day trading on Friday, reaching $599.64. The company's stock had a trading volume of 2,543,337 shares, compared to its average volume of 2,107,412. Spotify Technology S.A. has a 12-month low of $257.56 and a 12-month high of $652.63. The company has a market capitalization of $122.75 billion, a P/E ratio of 100.78 and a beta of 1.66. The firm's fifty day moving average price is $567.23 and its two-hundred day moving average price is $470.02.

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.