Prudential PLC Buys 3,867 Shares of Spotify Technology S.A. (NYSE:SPOT)

Prudential PLC lifted its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 189.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,904 shares of the company's stock after buying an additional 3,867 shares during the period. Prudential PLC's holdings in Spotify Technology were worth $2,641,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Prestige Wealth Management Group LLC purchased a new stake in shares of Spotify Technology during the third quarter valued at approximately $26,000. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology in the 4th quarter worth $27,000. Hobbs Group Advisors LLC bought a new position in shares of Spotify Technology during the third quarter valued at about $33,000. Quent Capital LLC increased its holdings in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after purchasing an additional 57 shares during the period. Finally, Noble Wealth Management PBC bought a new position in Spotify Technology during the 4th quarter valued at approximately $52,000. Institutional investors own 84.09% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SPOT. KeyCorp reduced their target price on Spotify Technology from $675.00 to $625.00 and set an "overweight" rating on the stock in a research note on Wednesday. Cantor Fitzgerald reissued a "neutral" rating and set a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. UBS Group decreased their price target on shares of Spotify Technology from $720.00 to $690.00 and set a "buy" rating for the company in a research note on Wednesday, April 2nd. Macquarie lifted their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an "outperform" rating in a research report on Thursday, January 30th. Finally, China Renaissance began coverage on Spotify Technology in a research report on Wednesday, March 26th. They issued a "buy" rating and a $740.00 target price for the company. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $555.30.

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Spotify Technology Price Performance

Shares of SPOT stock traded down $4.58 on Friday, hitting $548.44. 776,300 shares of the stock traded hands, compared to its average volume of 2,169,408. The firm has a market cap of $112.27 billion, a price-to-earnings ratio of 92.46 and a beta of 1.75. The firm has a 50 day simple moving average of $583.39 and a two-hundred day simple moving average of $491.92. Spotify Technology S.A. has a 52 week low of $267.76 and a 52 week high of $652.63.

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.