First Trust Advisors LP Buys 13,878 Shares of Spotify Technology S.A. (NYSE:SPOT)

First Trust Advisors LP increased its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 14.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 110,110 shares of the company's stock after purchasing an additional 13,878 shares during the period. First Trust Advisors LP owned approximately 0.06% of Spotify Technology worth $49,261,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GeoWealth Management LLC grew its position in Spotify Technology by 50.2% in the fourth quarter. GeoWealth Management LLC now owns 646 shares of the company's stock valued at $289,000 after acquiring an additional 216 shares during the last quarter. Capital International Ltd. CA bought a new stake in shares of Spotify Technology in the fourth quarter worth $1,434,000. Capital Group Investment Management PTE. LTD. acquired a new stake in Spotify Technology in the fourth quarter valued at $332,000. Capital International Investors increased its stake in shares of Spotify Technology by 2,063.7% in the fourth quarter. Capital International Investors now owns 352,491 shares of the company's stock valued at $158,027,000 after buying an additional 336,200 shares during the period. Finally, Capital International Sarl bought a new position in Spotify Technology during the 4th quarter worth approximately $1,719,000. Institutional investors and hedge funds own 84.09% of the company's stock.

Wall Street Analyst Weigh In

SPOT has been the subject of several recent analyst reports. Cantor Fitzgerald decreased their price objective on shares of Spotify Technology from $600.00 to $520.00 and set a "neutral" rating for the company in a research report on Wednesday, April 16th. China Renaissance began coverage on Spotify Technology in a research note on Wednesday, March 26th. They set a "buy" rating and a $740.00 target price for the company. Barclays lifted their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a research note on Wednesday, February 5th. Macquarie boosted their price objective on Spotify Technology from $600.00 to $665.00 and gave the company an "outperform" rating in a report on Friday. Finally, Guggenheim reiterated a "buy" rating and set a $675.00 price target on shares of Spotify Technology in a research note on Monday, February 24th. Seven analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $596.26.

Spotify Technology Stock Up 2.5 %

Shares of SPOT stock traded up $15.21 on Friday, reaching $621.16. The company's stock had a trading volume of 2,578,076 shares, compared to its average volume of 2,093,580. The company has a market capitalization of $127.16 billion, a P/E ratio of 104.40 and a beta of 1.75. Spotify Technology S.A. has a 12-month low of $280.37 and a 12-month high of $652.63. The stock's 50 day simple moving average is $571.23 and its 200-day simple moving average is $507.49.

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.