West Michigan Advisors LLC Buys New Stake in Spotify Technology S.A. (NYSE:SPOT)

West Michigan Advisors LLC bought a new stake in Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, Holdings Channel.com reports. The fund bought 1,418 shares of the company’s stock, valued at approximately $634,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Aigen Investment Management LP increased its holdings in Spotify Technology by 42.4% in the 3rd quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after purchasing an additional 2,918 shares during the last quarter. Jennison Associates LLC acquired a new position in shares of Spotify Technology in the fourth quarter worth $1,335,575,000. Marks Group Wealth Management Inc acquired a new position in shares of Spotify Technology in the fourth quarter worth $535,000. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Spotify Technology in the fourth quarter worth $214,000. Finally, Pathway Capital Management LP grew its stake in shares of Spotify Technology by 23.8% in the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Shares of NYSE:SPOT opened at $608.16 on Friday. The company has a 50-day simple moving average of $536.90 and a 200-day simple moving average of $444.91. Spotify Technology S.A. has a one year low of $249.58 and a one year high of $652.63. The stock has a market capitalization of $121.06 billion, a price-to-earnings ratio of 102.21 and a beta of 1.63.

Wall Street Analysts Forecast Growth

SPOT has been the subject of several research reports. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price target (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. boosted their price target on shares of Spotify Technology from $555.00 to $730.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 5th. Benchmark boosted their price target on shares of Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. Finally, KeyCorp boosted their target price on shares of Spotify Technology from $555.00 to $600.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $529.43.

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.