Globeflex Capital L P Grows Position in Spotify Technology S.A. (NYSE:SPOT)

Globeflex Capital L P grew its stake in Spotify Technology S.A. (NYSE:SPOT) by 102.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,438 shares of the company’s stock after purchasing an additional 726 shares during the period. Globeflex Capital L P’s holdings in Spotify Technology were worth $643,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of SPOT. Jennison Associates LLC purchased a new stake in Spotify Technology in the 4th quarter worth approximately $1,335,575,000. Forsta AP Fonden purchased a new position in shares of Spotify Technology during the 4th quarter valued at approximately $619,600,000. Amundi lifted its position in shares of Spotify Technology by 194.2% during the 4th quarter. Amundi now owns 750,030 shares of the company’s stock valued at $359,812,000 after buying an additional 495,087 shares in the last quarter. Swiss National Bank purchased a new position in shares of Spotify Technology during the 4th quarter valued at approximately $189,197,000. Finally, FMR LLC lifted its position in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock valued at $577,788,000 after buying an additional 297,035 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Stock Up 7.1 %

SPOT opened at $576.02 on Friday. The business’s fifty day simple moving average is $555.35 and its 200 day simple moving average is $459.43. The firm has a market cap of $117.92 billion, a P/E ratio of 96.81 and a beta of 1.66. Spotify Technology S.A. has a 52 week low of $249.58 and a 52 week high of $652.63.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wolfe Research reaffirmed a “peer perform” rating on shares of Spotify Technology in a research note on Friday, January 17th. Redburn Atlantic initiated coverage on Spotify Technology in a research report on Tuesday. They set a “neutral” rating and a $545.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Wells Fargo & Company lifted their target price on Spotify Technology from $520.00 to $690.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Finally, KeyCorp lifted their target price on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Eight analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $540.68.

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.