Wasatch Advisors LP Purchases New Position in Spotify Technology S.A. (NYSE:SPOT)

Wasatch Advisors LP purchased a new stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,136 shares of the company's stock, valued at approximately $508,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hillsdale Investment Management Inc. bought a new position in shares of Spotify Technology during the 4th quarter worth approximately $27,000. Quent Capital LLC increased its stake 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 purchasing an additional 57 shares in the last quarter. Noble Wealth Management PBC bought a new position in shares of Spotify Technology during the 4th quarter worth about $52,000. Larson Financial Group LLC increased its position in Spotify Technology by 48.5% in the 4th quarter. Larson Financial Group LLC now owns 144 shares of the company's stock valued at $64,000 after buying an additional 47 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in Spotify Technology by 89.9% in the fourth quarter. Versant Capital Management Inc now owns 150 shares of the company's stock worth $67,000 after acquiring an additional 71 shares in the last quarter. 84.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SPOT shares. Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Citigroup raised their price target on shares of Spotify Technology from $540.00 to $720.00 and gave the company a "neutral" rating in a research report on Friday, February 14th. The Goldman Sachs Group increased their price objective on Spotify Technology from $550.00 to $695.00 and gave the stock a "buy" rating in a research note on Thursday, February 6th. FBN Securities started coverage on Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 price target for the company. Finally, Wolfe Research reaffirmed a "peer perform" rating on shares of Spotify Technology in a report on Friday, January 17th. Nine research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $564.45.

Spotify Technology Price Performance

Spotify Technology stock traded up $11.78 during mid-day trading on Friday, hitting $574.85. The company's stock had a trading volume of 1,731,552 shares, compared to its average volume of 2,177,488. The business has a 50 day moving average price of $575.74 and a 200-day moving average price of $500.61. Spotify Technology S.A. has a 12 month low of $267.76 and a 12 month high of $652.63. The stock has a market cap of $117.68 billion, a price-to-earnings ratio of 96.61 and a beta of 1.75.

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.