Spotify Technology S.A. (NYSE:SPOT) Shares Acquired by Cigna Investments Inc. New

Cigna Investments Inc. New grew its position in Spotify Technology S.A. (NYSE:SPOT) by 226.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,109 shares of the company’s stock after acquiring an additional 2,849 shares during the period. Cigna Investments Inc. New’s holdings in Spotify Technology were worth $1,839,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. The Manufacturers Life Insurance Company raised its position in shares of Spotify Technology by 5.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,892 shares of the company’s stock worth $594,000 after purchasing an additional 94 shares during the last quarter. UMB Bank n.a. raised its holdings in Spotify Technology by 163.6% in the 3rd quarter. UMB Bank n.a. now owns 319 shares of the company’s stock valued at $118,000 after acquiring an additional 198 shares during the last quarter. Gateway Investment Advisers LLC acquired a new stake in Spotify Technology in the 3rd quarter valued at about $418,000. Ritholtz Wealth Management raised its holdings in Spotify Technology by 64.7% in the 3rd quarter. Ritholtz Wealth Management now owns 4,495 shares of the company’s stock valued at $1,657,000 after acquiring an additional 1,765 shares during the last quarter. Finally, Carnegie Investment Counsel raised its holdings in Spotify Technology by 34.2% in the 3rd quarter. Carnegie Investment Counsel now owns 980 shares of the company’s stock valued at $361,000 after acquiring an additional 250 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on SPOT shares. Benchmark increased their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. KeyCorp increased their price objective on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. TD Cowen increased their price objective on shares of Spotify Technology from $356.00 to $416.00 and gave the stock a “hold” rating in a research report on Wednesday, November 13th. Finally, Barclays increased their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $514.79.

Spotify Technology Stock Performance

Shares of Spotify Technology stock opened at $637.88 on Tuesday. Spotify Technology S.A. has a 1 year low of $228.07 and a 1 year high of $642.27. The company has a market capitalization of $126.97 billion, a P/E ratio of 107.21 and a beta of 1.63. The company’s fifty day moving average is $493.96 and its two-hundred day moving average is $415.80.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.30). Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. During the same period in the previous year, the business posted $0.36 earnings per share. The company’s revenue for the quarter was up 18.8% on a year-over-year basis. As a group, equities analysts expect that Spotify Technology S.A. will post 9.69 earnings per share for the current year.

Spotify Technology Company Profile

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.