Rhumbline Advisers Grows Position in Spotify Technology S.A. (NYSE:SPOT)

Rhumbline Advisers increased its position in Spotify Technology S.A. (NYSE:SPOT) by 26.6% in the fourth quarter, HoldingsChannel reports. The firm owned 189,610 shares of the company’s stock after purchasing an additional 39,808 shares during the quarter. Rhumbline Advisers’ holdings in Spotify Technology were worth $84,828,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Jennison Associates LLC purchased a new position in Spotify Technology during the fourth quarter valued at $1,335,575,000. Forsta AP Fonden purchased a new position in Spotify Technology during the fourth quarter valued at $619,600,000. WCM Investment Management LLC raised its stake in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock valued at $1,430,142,000 after buying an additional 605,755 shares during the last quarter. International Assets Investment Management LLC raised its stake in Spotify Technology by 36,910.0% during the third quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after buying an additional 346,585 shares during the last quarter. Finally, FMR LLC raised its stake 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 buying an additional 297,035 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 1.6 %

NYSE:SPOT opened at $637.75 on Friday. The company has a market capitalization of $126.95 billion, a P/E ratio of 107.18 and a beta of 1.63. Spotify Technology S.A. has a 12 month low of $239.66 and a 12 month high of $652.63. The business’s 50-day moving average is $508.35 and its 200 day moving average is $425.40.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. UBS Group lifted their price objective on Spotify Technology from $485.00 to $540.00 and gave the company a “buy” rating in a research note on Wednesday, January 15th. Canaccord Genuity Group lifted their target price on Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a report on Wednesday, February 5th. Pivotal Research lifted their target price on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Citigroup lifted their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Wells Fargo & Company lifted their price objective on Spotify Technology from $520.00 to $690.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $529.43.

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.