Next Capital Management LLC acquired a new position in shares of Spotify Technology S.A. (NYSE:SPOT – Free Report) 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.
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