Harvest Fund Management Co. Ltd Increases Position in Spotify Technology S.A. (NYSE:SPOT)

Harvest Fund Management Co. Ltd lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 35.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 6,964 shares of the company’s stock after purchasing an additional 1,835 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Spotify Technology were worth $3,114,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SPOT. Jennison Associates LLC purchased a new stake in shares of Spotify Technology in the fourth quarter worth $1,335,575,000. Forsta AP Fonden bought a new position in shares of Spotify Technology during the fourth quarter worth $619,600,000. Amundi boosted its position in shares of Spotify Technology by 194.2% during the fourth quarter. Amundi now owns 750,030 shares of the company’s stock worth $359,812,000 after acquiring an additional 495,087 shares during the last quarter. Swiss National Bank bought a new position in shares of Spotify Technology during the fourth quarter worth $189,197,000. Finally, FMR LLC boosted its position in shares of Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after acquiring an additional 297,035 shares during the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SPOT. Benchmark upped their target price on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Canaccord Genuity Group upped their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research report on Wednesday, February 5th. Wells Fargo & Company upped their target price on shares of Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. UBS Group upped their target price on shares of Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and an average target price of $540.68.

Spotify Technology Price Performance

SPOT stock opened at $569.63 on Wednesday. The company has a market capitalization of $116.61 billion, a PE ratio of 95.74 and a beta of 1.66. Spotify Technology S.A. has a 12 month low of $249.58 and a 12 month high of $652.63. The firm’s 50-day moving average is $560.06 and its 200 day moving average is $464.55.

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.