Victory Capital Management Inc. Makes New $19.96 Million Investment in Spotify Technology S.A. (NYSE:SPOT)

Victory Capital Management Inc. purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 44,611 shares of the company's stock, valued at approximately $19,958,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Prestige Wealth Management Group LLC purchased a new position in Spotify Technology in the third quarter valued at $26,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology during the 3rd quarter valued at approximately $33,000. Larson Financial Group LLC lifted 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 during the period. Rakuten Securities Inc. raised its holdings in Spotify Technology by 40.5% during the third quarter. Rakuten Securities Inc. now owns 111 shares of the company's stock worth $41,000 after purchasing an additional 32 shares in the last quarter. Finally, Quent Capital LLC increased its holdings in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after buying an additional 57 shares in the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 3.8 %

Shares of NYSE:SPOT opened at $507.66 on Wednesday. The stock has a market capitalization of $103.92 billion, a PE ratio of 85.32 and a beta of 1.66. Spotify Technology S.A. has a 1 year low of $249.58 and a 1 year high of $652.63. The firm has a fifty day moving average price of $549.75 and a 200 day moving average price of $456.64.

Analyst Ratings Changes

A number of brokerages have commented on SPOT. The Goldman Sachs Group increased their target price on Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a report on Thursday, February 6th. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $555.00 to $730.00 and gave the stock an "overweight" rating in a report on Wednesday, February 5th. Bank of America increased their target price on Spotify Technology from $430.00 to $515.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Guggenheim restated a "buy" rating and set a $675.00 target price on shares of Spotify Technology in a research note on Monday, February 24th. Finally, UBS Group increased their price objective on shares of Spotify Technology from $485.00 to $540.00 and gave the company a "buy" rating in a research note on Wednesday, January 15th. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $540.68.

Remove Ads

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.