Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Blueshift Asset Management LLC

Blueshift Asset Management LLC lifted its position in Spotify Technology S.A. (NYSE:SPOT) by 83.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,938 shares of the company’s stock after buying an additional 1,791 shares during the quarter. Spotify Technology makes up 0.6% of Blueshift Asset Management LLC’s investment portfolio, making the stock its 27th largest holding. Blueshift Asset Management LLC’s holdings in Spotify Technology were worth $1,762,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Prestige Wealth Management Group LLC acquired a new position in Spotify Technology during the 3rd quarter worth $26,000. Hobbs Group Advisors LLC acquired a new position in shares of Spotify Technology during the third quarter worth about $33,000. Larson Financial Group LLC increased its stake in shares of Spotify Technology by 51.6% during the third quarter. Larson Financial Group LLC now owns 97 shares of the company’s stock worth $36,000 after buying an additional 33 shares during the period. Quent Capital LLC raised its holdings in Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock valued at $44,000 after acquiring an additional 57 shares in the last quarter. Finally, Noble Wealth Management PBC purchased a new position in Spotify Technology in the fourth quarter worth approximately $52,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Redburn Atlantic initiated coverage on Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target on the stock. Citigroup upped their price objective on Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. KeyCorp raised their target price on Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price target (down from $490.00) on shares of Spotify Technology in a report on Tuesday, January 28th. Eight analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus target price of $540.68.

Spotify Technology Trading Up 2.9 %

SPOT stock opened at $585.75 on Thursday. The company has a market cap of $119.91 billion, a price-to-earnings ratio of 98.45 and a beta of 1.66. The firm has a 50 day moving average of $562.18 and a 200-day moving average of $465.39. Spotify Technology S.A. has a 12-month low of $254.42 and a 12-month high of $652.63.

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.