Pitcairn Co. Has $3.33 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Pitcairn Co. increased its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 14.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,452 shares of the company’s stock after buying an additional 922 shares during the quarter. Pitcairn Co.’s holdings in Spotify Technology were worth $3,334,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of SPOT. Thrivent Financial for Lutherans boosted its stake in shares of Spotify Technology by 566.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock valued at $3,541,000 after buying an additional 6,782 shares during the period. Jennison Associates LLC purchased a new stake in shares of Spotify Technology during the fourth quarter worth $1,335,575,000. Marks Group Wealth Management Inc purchased a new position in Spotify Technology in the fourth quarter valued at about $535,000. Patriot Financial Group Insurance Agency LLC purchased a new position in Spotify Technology in the fourth quarter valued at about $214,000. Finally, Swedbank AB increased its position in Spotify Technology by 20.9% in the 4th quarter. Swedbank AB now owns 946,129 shares of the company’s stock worth $423,279,000 after purchasing an additional 163,626 shares during the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on SPOT. UBS Group lowered their price target on Spotify Technology from $720.00 to $690.00 and set a “buy” rating for the company in a research note on Wednesday. Wells Fargo & Company boosted their target price on shares of Spotify Technology from $690.00 to $740.00 and gave the stock an “overweight” rating in a research report on Friday, March 28th. Guggenheim restated a “buy” rating and set a $675.00 price target on shares of Spotify Technology in a report on Monday, February 24th. FBN Securities began coverage on shares of Spotify Technology in a report on Friday, March 28th. They issued a “sector perform” rating and a $645.00 price objective for the company. Finally, Redburn Atlantic assumed coverage on Spotify Technology in a report on Tuesday, March 11th. They set a “neutral” rating and a $545.00 target price on the stock. Nine equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $557.47.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $565.17 on Thursday. The firm has a market cap of $115.69 billion, a P/E ratio of 94.99 and a beta of 1.66. The firm’s 50-day simple moving average is $582.30 and its 200-day simple moving average is $482.76. Spotify Technology S.A. has a twelve month low of $267.76 and a twelve 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.