Pictet Asset Management Holding SA Buys 130,833 Shares of Spotify Technology S.A. (NYSE:SPOT)

Pictet Asset Management Holding SA lifted its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 157.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 213,773 shares of the company's stock after acquiring an additional 130,833 shares during the period. Pictet Asset Management Holding SA owned approximately 0.11% of Spotify Technology worth $95,638,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SPOT. Jennison Associates LLC purchased a new position in Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. State Street Corp boosted its holdings in Spotify Technology by 1.5% in the 3rd quarter. State Street Corp now owns 1,997,323 shares of the company's stock valued at $736,073,000 after purchasing an additional 28,864 shares during the period. GQG Partners LLC purchased a new position in shares of Spotify Technology during the 4th quarter valued at $800,725,000. Forsta AP Fonden bought a new position in shares of Spotify Technology in the fourth quarter worth $619,600,000. Finally, Two Sigma Advisers LP raised its position in shares of Spotify Technology by 19.0% in the third quarter. Two Sigma Advisers LP now owns 980,000 shares of the company's stock worth $361,159,000 after buying an additional 156,300 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Price Performance

NYSE:SPOT traded up $1.68 during mid-day trading on Tuesday, reaching $551.71. 1,610,087 shares of the company's stock traded hands, compared to its average volume of 2,158,993. The company has a 50 day moving average price of $579.58 and a 200-day moving average price of $480.67. The firm has a market capitalization of $112.94 billion, a price-to-earnings ratio of 92.72 and a beta of 1.66. Spotify Technology S.A. has a 12-month low of $260.80 and a 12-month high of $652.63.

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Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. The Goldman Sachs Group boosted their target price on Spotify Technology from $550.00 to $695.00 and gave the stock a "buy" rating in a research report on Thursday, February 6th. Citigroup upped their price objective on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Wolfe Research reaffirmed a "peer perform" rating on shares of Spotify Technology in a research note on Friday, January 17th. Morgan Stanley boosted their price target on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 5th. Finally, Guggenheim restated a "buy" rating and set a $675.00 price objective on shares of Spotify Technology in a research report on Monday, February 24th. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company's stock. Based on data from MarketBeat, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus target price of $552.47.

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.