Primecap Management Co. CA Makes New $98.33 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Primecap Management Co. CA acquired a new stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 219,800 shares of the company's stock, valued at approximately $98,334,000. Primecap Management Co. CA owned 0.11% of Spotify Technology at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SPOT. Jennison Associates LLC acquired a new stake in Spotify Technology during the 4th quarter valued at approximately $1,335,575,000. Forsta AP Fonden acquired a new position in shares of Spotify Technology in the 4th quarter valued at $619,600,000. Amundi lifted its stake 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 period. Swiss National Bank acquired a new position in shares of Spotify Technology in the 4th quarter valued at $189,197,000. Finally, FMR LLC lifted its stake in shares of Spotify Technology by 23.4% in the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company's stock valued at $577,788,000 after purchasing an additional 297,035 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Stock Up 0.9 %

Spotify Technology stock traded up $5.09 during trading on Friday, reaching $599.64. The stock had a trading volume of 2,543,337 shares, compared to its average volume of 2,102,455. Spotify Technology S.A. has a 52-week low of $257.56 and a 52-week high of $652.63. The business has a 50 day moving average price of $567.23 and a 200 day moving average price of $468.06. The stock has a market cap of $122.75 billion, a PE ratio of 100.78 and a beta of 1.66.

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Wall Street Analysts Forecast Growth

SPOT has been the subject of several analyst reports. KeyCorp boosted their target price on shares of Spotify Technology from $555.00 to $600.00 and gave the company an "overweight" rating in a research note on Friday, January 31st. Barclays upped their target price on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. Morgan Stanley upped their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Finally, Macquarie upped their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus target price of $540.68.

Spotify Technology Company 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.