Norges Bank Buys New Holdings in Spotify Technology S.A. (NYSE:SPOT)

Norges Bank purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 885,216 shares of the company’s stock, valued at approximately $396,028,000.

A number of other large investors also recently modified their holdings of SPOT. Thrivent Financial for Lutherans lifted its stake in Spotify Technology by 566.1% during the fourth quarter. Thrivent Financial for Lutherans now owns 7,980 shares of the company’s stock worth $3,541,000 after purchasing an additional 6,782 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Spotify Technology during the 4th quarter worth approximately $1,335,575,000. Marks Group Wealth Management Inc purchased a new stake in shares of Spotify Technology during the 4th quarter worth approximately $535,000. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Spotify Technology in the 4th quarter valued at $214,000. Finally, Kestra Investment Management LLC purchased a new position in shares of Spotify Technology in the 3rd quarter valued at $780,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPOT has been the subject of several research analyst reports. Canaccord Genuity Group upped their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research note on Wednesday, February 5th. China Renaissance began coverage on Spotify Technology in a research note on Wednesday. They set a “buy” rating and a $740.00 price target on the stock. Macquarie boosted their price objective on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Citigroup raised their target price on shares of Spotify Technology from $540.00 to $720.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Finally, FBN Securities started coverage on shares of Spotify Technology in a research report on Friday. They issued a “sector perform” rating and a $645.00 price target for the company. Nine investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $552.47.

Spotify Technology Price Performance

NYSE SPOT opened at $559.76 on Friday. The business has a 50 day moving average price of $578.28 and a 200 day moving average price of $478.17. The company has a market capitalization of $114.59 billion, a P/E ratio of 94.08 and a beta of 1.66. Spotify Technology S.A. has a 1-year low of $260.80 and a 1-year high of $652.63.

Spotify Technology 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.