Prudential Financial Inc. Has $6.12 Million Stake in Spotify Technology S.A. (NYSE:SPOT)

Prudential Financial Inc. boosted its holdings in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 128.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,676 shares of the company's stock after buying an additional 7,685 shares during the period. Prudential Financial Inc.'s holdings in Spotify Technology were worth $6,118,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at about $1,335,575,000. State Street Corp lifted its position in Spotify Technology by 1.5% during the third quarter. State Street Corp now owns 1,997,323 shares of the company's stock valued at $736,073,000 after buying an additional 28,864 shares in the last quarter. Forsta AP Fonden purchased a new stake in Spotify Technology during the fourth quarter worth approximately $619,600,000. Two Sigma Advisers LP increased 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 acquiring an additional 156,300 shares in the last quarter. Finally, Swedbank AB increased its position in shares of Spotify Technology by 20.9% in the fourth quarter. Swedbank AB now owns 946,129 shares of the company's stock worth $423,279,000 after acquiring an additional 163,626 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on SPOT. KeyCorp upped their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the company an "overweight" rating in a research report on Friday, January 31st. JPMorgan Chase & Co. lifted their price objective on Spotify Technology from $555.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. Guggenheim reaffirmed a "buy" rating and issued a $675.00 target price on shares of Spotify Technology in a research report on Monday, February 24th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They set a "neutral" rating and a $545.00 price target for the company. Finally, Canaccord Genuity Group lifted their price target on Spotify Technology from $650.00 to $700.00 and gave the stock a "buy" rating in a research note on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $557.47.

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Spotify Technology Trading Up 2.4 %

NYSE SPOT traded up $13.44 on Wednesday, reaching $565.17. The stock had a trading volume of 1,919,508 shares, compared to its average volume of 2,162,160. Spotify Technology S.A. has a 1 year low of $261.38 and a 1 year high of $652.63. The business has a 50 day moving average price of $580.87 and a 200 day moving average price of $482.18. The company has a market capitalization of $115.69 billion, a price-to-earnings ratio of 94.99 and a beta of 1.66.

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.