Next Capital Management LLC Takes Position in Spotify Technology S.A. (NYSE:SPOT)

Next Capital Management LLC acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 860 shares of the company’s stock, valued at approximately $385,000.

A number of other hedge funds have also modified their holdings of SPOT. Jennison Associates LLC bought a new stake in Spotify Technology during the 4th quarter worth about $1,335,575,000. Forsta AP Fonden acquired a new stake in shares of Spotify Technology in the fourth quarter valued at about $619,600,000. Amundi increased its position in shares of Spotify Technology by 194.2% in the fourth quarter. Amundi now owns 750,030 shares of the company’s stock valued at $359,812,000 after acquiring an additional 495,087 shares during the last quarter. Swiss National Bank bought a new stake in Spotify Technology during the fourth quarter worth about $189,197,000. Finally, FMR LLC boosted its position in Spotify Technology by 23.4% during the third quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after purchasing an additional 297,035 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Benchmark upped their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. upped their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective for the company. Morgan Stanley upped their target price on shares of Spotify Technology from $550.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Eight equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and a consensus price target of $540.68.

Spotify Technology Stock Down 4.7 %

SPOT stock opened at $569.63 on Wednesday. The company’s 50-day moving average price is $560.06 and its two-hundred day moving average price is $464.55. The firm has a market cap of $116.61 billion, a P/E 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.

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.