Rhumbline Advisers Acquires 39,808 Shares of Spotify Technology S.A. (NYSE:SPOT)

Rhumbline Advisers increased its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 26.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 189,610 shares of the company's stock after purchasing an additional 39,808 shares during the period. Rhumbline Advisers owned 0.10% of Spotify Technology worth $84,828,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology during the third quarter valued at $26,000. Hobbs Group Advisors LLC bought a new stake in shares of Spotify Technology during the 3rd quarter valued at about $33,000. Larson Financial Group LLC grew its holdings 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 worth $36,000 after purchasing an additional 33 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Spotify Technology during the third quarter valued at approximately $40,000. Finally, Rakuten Securities Inc. grew its stake in Spotify Technology by 40.5% in the 3rd quarter. Rakuten Securities Inc. now owns 111 shares of the company's stock worth $41,000 after buying an additional 32 shares in the last quarter. Institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Up 1.8 %

Shares of SPOT stock traded up $11.22 during trading hours on Wednesday, hitting $641.78. 1,472,226 shares of the company's stock traded hands, compared to its average volume of 2,064,269. The stock's fifty day simple moving average is $514.65 and its two-hundred day simple moving average is $430.88. The stock has a market cap of $127.75 billion, a price-to-earnings ratio of 107.86 and a beta of 1.63. Spotify Technology S.A. has a 12-month low of $239.66 and a 12-month high of $652.63.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Spotify Technology from $520.00 to $690.00 and gave the company an "overweight" rating in a research report on Wednesday, February 5th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Guggenheim increased their price objective on Spotify Technology from $520.00 to $675.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. Cantor Fitzgerald reissued a "neutral" rating and set a $480.00 price objective (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Finally, Bank of America upped their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Spotify Technology has a consensus rating of "Moderate Buy" and a consensus price target of $529.43.

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.