Nikko Asset Management Americas Inc. Has $145.59 Million Holdings in Spotify Technology S.A. (NYSE:SPOT)

Nikko Asset Management Americas Inc. cut its position in shares of Spotify Technology S.A. (NYSE:SPOT) by 16.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 325,436 shares of the company’s stock after selling 65,254 shares during the quarter. Spotify Technology comprises about 1.6% of Nikko Asset Management Americas Inc.’s holdings, making the stock its 16th largest position. Nikko Asset Management Americas Inc. owned 0.16% of Spotify Technology worth $145,594,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. William Blair Investment Management LLC bought a new position in shares of Spotify Technology in the fourth quarter valued at $116,880,000. Signaturefd LLC raised its position in Spotify Technology by 67.9% in the fourth quarter. Signaturefd LLC now owns 3,209 shares of the company’s stock worth $1,436,000 after acquiring an additional 1,298 shares during the period. Parallel Advisors LLC raised its position in Spotify Technology by 154.1% in the fourth quarter. Parallel Advisors LLC now owns 2,483 shares of the company’s stock worth $1,111,000 after acquiring an additional 1,506 shares during the period. Polen Capital Management LLC bought a new stake in Spotify Technology in the fourth quarter worth about $27,228,000. Finally, Creative Financial Designs Inc. ADV increased its stake in shares of Spotify Technology by 680.6% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 281 shares of the company’s stock worth $126,000 after purchasing an additional 245 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Spotify Technology Price Performance

NYSE SPOT opened at $576.02 on Monday. The stock has a 50-day moving average of $555.35 and a two-hundred day moving average of $461.13. The company 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 1-year low of $249.58 and a 1-year high of $652.63.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SPOT. The Goldman Sachs Group boosted their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a research note on Thursday, February 6th. Guggenheim restated a “buy” rating and issued a $675.00 price objective on shares of Spotify Technology in a report on Monday, February 24th. Barclays upped their price target on shares of Spotify Technology from $475.00 to $710.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. KeyCorp boosted 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. Finally, Rosenblatt Securities reiterated a “neutral” rating and issued a $658.00 price target (up from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target 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.