Franklin Resources Inc. Increases Stake in Spotify Technology S.A. (NYSE:SPOT)

Franklin Resources Inc. increased its stake in Spotify Technology S.A. (NYSE:SPOT) by 34.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 865,725 shares of the company’s stock after buying an additional 224,005 shares during the period. Franklin Resources Inc.’s holdings in Spotify Technology were worth $387,308,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Prestige Wealth Management Group LLC bought a new stake in shares of Spotify Technology in the 3rd quarter worth approximately $26,000. Hillsdale Investment Management Inc. purchased a new stake in Spotify Technology in the fourth quarter worth about $27,000. Hobbs Group Advisors LLC purchased a new stake in Spotify Technology in the third quarter worth about $33,000. Quent Capital LLC raised its stake in shares of Spotify Technology by 135.7% in the fourth quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after buying an additional 57 shares during the period. Finally, Noble Wealth Management PBC bought a new position in shares of Spotify Technology during the 4th quarter valued at approximately $52,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPOT has been the subject of several research analyst reports. UBS Group increased their target price on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research report on Wednesday, January 15th. The Goldman Sachs Group upped their target price on shares of Spotify Technology from $550.00 to $695.00 and gave the stock a “buy” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. raised their price target on Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a report on Wednesday, February 5th. Cantor Fitzgerald reiterated a “neutral” rating and set a $480.00 target price (down from $490.00) on shares of Spotify Technology in a research report on Tuesday, January 28th. Finally, Redburn Atlantic assumed coverage on shares of Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price target on the stock. Nine analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $552.47.

Spotify Technology Stock Performance

Spotify Technology stock opened at $551.10 on Tuesday. The company has a market capitalization of $112.81 billion, a PE ratio of 92.62 and a beta of 1.66. The company has a 50 day moving average price of $579.58 and a 200-day moving average price of $480.67. Spotify Technology S.A. has a fifty-two week low of $260.80 and a fifty-two week 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.