Los Angeles Capital Management LLC Has $19.78 Million Stake in Spotify Technology S.A. (NYSE:SPOT)

Los Angeles Capital Management LLC lifted its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 23.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 44,206 shares of the company’s stock after acquiring an additional 8,464 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Spotify Technology were worth $19,777,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Aigen Investment Management LP boosted its holdings in shares of Spotify Technology by 42.4% during the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after acquiring an additional 2,918 shares in the last quarter. Jennison Associates LLC acquired a new position in Spotify Technology during the 4th quarter worth about $1,335,575,000. Marks Group Wealth Management Inc acquired a new position in Spotify Technology during the 4th quarter worth about $535,000. Patriot Financial Group Insurance Agency LLC acquired a new position in Spotify Technology during the 4th quarter worth about $214,000. Finally, Pathway Capital Management LP lifted its holdings in Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after buying an additional 11,042 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on SPOT. Macquarie lifted their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. UBS Group lifted their target price on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a report on Wednesday, January 15th. Bank of America lifted their target price on Spotify Technology from $430.00 to $515.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 target price (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Finally, Barclays lifted their price objective on Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $529.43.

Spotify Technology Stock Performance

SPOT stock opened at $588.06 on Wednesday. The company has a market capitalization of $117.06 billion, a P/E ratio of 98.83 and a beta of 1.63. Spotify Technology S.A. has a 52-week low of $249.38 and a 52-week high of $652.63. The business has a 50-day simple moving average of $528.15 and a two-hundred day simple moving average of $440.89.

About Spotify Technology

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.