Voya Investment Management LLC Raises Stake in Spotify Technology S.A. (NYSE:SPOT)

Voya Investment Management LLC raised its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 24.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 277,341 shares of the company's stock after acquiring an additional 54,454 shares during the quarter. Voya Investment Management LLC owned approximately 0.14% of Spotify Technology worth $124,038,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Virtu Financial LLC acquired a new stake in shares of Spotify Technology during the third quarter worth about $1,782,000. Wilmington Savings Fund Society FSB acquired a new position in Spotify Technology during the third quarter worth approximately $1,477,000. Franklin Resources Inc. lifted its stake in Spotify Technology by 2.6% in the third quarter. Franklin Resources Inc. now owns 641,720 shares of the company's stock valued at $239,041,000 after buying an additional 16,511 shares during the last quarter. Garde Capital Inc. boosted its holdings in shares of Spotify Technology by 14.6% in the third quarter. Garde Capital Inc. now owns 432 shares of the company's stock valued at $159,000 after acquiring an additional 55 shares during the period. Finally, Oddo BHF Asset Management Sas purchased a new position in shares of Spotify Technology during the third quarter worth approximately $8,638,000. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Down 3.8 %

Shares of SPOT traded down $23.45 during mid-day trading on Monday, reaching $597.27. 3,925,070 shares of the company's stock were exchanged, compared to its average volume of 2,100,963. Spotify Technology S.A. has a 52-week low of $280.37 and a 52-week high of $652.63. The company has a market cap of $122.27 billion, a price-to-earnings ratio of 100.38 and a beta of 1.75. The company has a 50-day simple moving average of $571.23 and a two-hundred day simple moving average of $508.40.

Analyst Ratings Changes

A number of analysts recently weighed in on SPOT shares. Citigroup increased their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a "neutral" rating in a research note on Friday, February 14th. Wolfe Research upgraded shares of Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price for the company in a research note on Monday, April 21st. Benchmark raised their price target on Spotify Technology from $600.00 to $720.00 and gave the stock a "buy" rating in a report on Wednesday, February 5th. Guggenheim reaffirmed a "buy" rating and set a $675.00 price objective on shares of Spotify Technology in a research note on Monday, February 24th. Finally, FBN Securities initiated coverage on Spotify Technology in a research note on Friday, March 28th. They issued a "sector perform" rating and a $645.00 target price on the stock. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, Spotify Technology currently has an average rating of "Moderate Buy" and an average price target of $596.26.

Spotify Technology 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.