1,789,809 Shares in Spotify Technology S.A. (NYSE:SPOT) Bought by GQG Partners LLC

GQG Partners LLC acquired a new position in Spotify Technology S.A. (NYSE:SPOT) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 1,789,809 shares of the company’s stock, valued at approximately $800,725,000. Spotify Technology accounts for 1.2% of GQG Partners LLC’s portfolio, making the stock its 28th largest position.

Several other institutional investors have also recently added to or reduced their stakes in SPOT. PNC Financial Services Group Inc. boosted its holdings in shares of Spotify Technology by 12.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 11,763 shares of the company’s stock valued at $4,335,000 after buying an additional 1,299 shares during the period. Intech Investment Management LLC lifted its holdings in Spotify Technology by 57.0% in the third quarter. Intech Investment Management LLC now owns 1,699 shares of the company’s stock worth $626,000 after acquiring an additional 617 shares during the last quarter. Great Valley Advisor Group Inc. boosted its stake in Spotify Technology by 4.3% in the third quarter. Great Valley Advisor Group Inc. now owns 2,125 shares of the company’s stock valued at $783,000 after acquiring an additional 87 shares during the period. Cerity Partners LLC grew its holdings in shares of Spotify Technology by 11.8% during the third quarter. Cerity Partners LLC now owns 33,321 shares of the company’s stock valued at $12,280,000 after purchasing an additional 3,524 shares during the last quarter. Finally, Algert Global LLC grew its holdings in shares of Spotify Technology by 703.1% during the third quarter. Algert Global LLC now owns 11,999 shares of the company’s stock valued at $4,422,000 after purchasing an additional 10,505 shares during the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Price Performance

Shares of SPOT opened at $605.18 on Tuesday. The company has a 50-day moving average of $570.20 and a two-hundred day moving average of $471.97. The stock has a market cap of $123.88 billion, a price-to-earnings ratio of 101.71 and a beta of 1.66. Spotify Technology S.A. has a one year low of $257.56 and a one year high of $652.63.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SPOT shares. Rosenblatt Securities restated a “neutral” rating and set a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research report 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. KeyCorp lifted their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Macquarie upped their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Benchmark lifted their price target on Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $540.68.

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.