Clearbridge Investments LLC Acquires New Holdings in Spotify Technology S.A. (NYSE:SPOT)

Clearbridge Investments LLC bought a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 319,131 shares of the company’s stock, valued at approximately $142,773,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. RWA Wealth Partners LLC grew its stake in shares of Spotify Technology by 1.9% in the 4th quarter. RWA Wealth Partners LLC now owns 4,320 shares of the company’s stock worth $1,933,000 after purchasing an additional 80 shares during the last quarter. Schroder Investment Management Group boosted its position in shares of Spotify Technology by 0.4% in the 4th quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock valued at $855,810,000 after purchasing an additional 7,075 shares during the period. Maridea Wealth Management LLC purchased a new position in Spotify Technology in the 4th quarter worth about $381,000. Level Four Advisory Services LLC raised its holdings in Spotify Technology by 5.7% during the 4th quarter. Level Four Advisory Services LLC now owns 2,546 shares of the company’s stock worth $1,139,000 after buying an additional 137 shares during the period. Finally, Orion Portfolio Solutions LLC boosted its holdings in shares of Spotify Technology by 105.0% in the fourth quarter. Orion Portfolio Solutions LLC now owns 6,831 shares of the company’s stock worth $3,056,000 after buying an additional 3,499 shares during the period. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SPOT. JPMorgan Chase & Co. increased their target price on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Cantor Fitzgerald restated a “neutral” rating and set a $480.00 price target (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Redburn Atlantic initiated coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective on the stock. Benchmark boosted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. Finally, China Renaissance assumed coverage on Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $552.47.

Spotify Technology Price Performance

Shares of Spotify Technology stock opened at $559.76 on Monday. The firm has a fifty day moving average price of $578.28 and a two-hundred day moving average price of $479.17. Spotify Technology S.A. has a fifty-two week low of $260.80 and a fifty-two week high of $652.63. The company has a market cap of $114.59 billion, a PE ratio of 94.08 and a beta of 1.66.

Spotify Technology 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.