Sit Investment Associates Inc. Purchases 9,185 Shares of Spotify Technology S.A. (NYSE:SPOT)

Sit Investment Associates Inc. grew its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 74.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,453 shares of the company's stock after buying an additional 9,185 shares during the quarter. Sit Investment Associates Inc.'s holdings in Spotify Technology were worth $9,598,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Thrivent Financial for Lutherans boosted its stake in Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company's stock valued at $3,541,000 after buying an additional 6,782 shares in the last quarter. Jennison Associates LLC acquired a new stake in Spotify Technology in the 4th quarter valued at about $1,335,575,000. Marks Group Wealth Management Inc bought a new position in shares of Spotify Technology during the 4th quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Spotify Technology in the 4th quarter worth approximately $214,000. Finally, Swedbank AB raised its holdings in shares of Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company's stock worth $423,279,000 after purchasing an additional 163,626 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SPOT. Macquarie lifted their price target on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Wells Fargo & Company lifted their target price on Spotify Technology from $690.00 to $740.00 and gave the stock an "overweight" rating in a report on Friday, March 28th. Canaccord Genuity Group upped their target price on Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a report on Wednesday, February 5th. Redburn Atlantic initiated coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price target on the stock. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of Spotify Technology in a research note on Friday, January 17th. Nine analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $555.30.

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Spotify Technology Price Performance

NYSE:SPOT traded down $1.95 during trading hours on Friday, reaching $551.07. The company's stock had a trading volume of 892,401 shares, compared to its average volume of 2,169,717. The company has a market cap of $112.81 billion, a price-to-earnings ratio of 92.50 and a beta of 1.75. Spotify Technology S.A. has a one year low of $267.76 and a one year high of $652.63. The business's 50-day moving average is $583.39 and its 200-day moving average is $491.92.

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.