Vanguard Group Inc. Boosts Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Vanguard Group Inc. increased its position in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 28.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 885,795 shares of the company's stock after buying an additional 198,718 shares during the period. Vanguard Group Inc. owned 0.45% of Spotify Technology worth $396,287,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jennison Associates LLC purchased a new stake in shares of Spotify Technology during the 4th quarter worth approximately $1,335,575,000. Forsta AP Fonden purchased a new stake in Spotify Technology during the fourth quarter valued at $619,600,000. Amundi lifted its position in Spotify Technology by 194.2% during the fourth quarter. Amundi now owns 750,030 shares of the company's stock valued at $359,812,000 after purchasing an additional 495,087 shares during the last quarter. Swiss National Bank bought a new position in Spotify Technology during the fourth quarter valued at $189,197,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Spotify Technology in the 4th quarter worth $125,694,000. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Down 9.9 %

Shares of SPOT traded down $55.52 during mid-day trading on Friday, hitting $502.90. The company's stock had a trading volume of 4,146,568 shares, compared to its average volume of 2,158,895. The company's 50-day moving average is $583.28 and its 200-day moving average is $484.42. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week high of $652.63. The firm has a market capitalization of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75.

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Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Redburn Atlantic started coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a "neutral" rating and a $545.00 price objective for the company. UBS Group dropped their target price on Spotify Technology from $720.00 to $690.00 and set a "buy" rating for the company in a report on Wednesday. Wolfe Research restated a "peer perform" rating on shares of Spotify Technology in a report on Friday, January 17th. Finally, Morgan Stanley raised their price target on Spotify Technology from $550.00 to $670.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 5th. Nine investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $557.47.

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.