Aviva PLC Has $93.46 Million Stock Position in Spotify Technology S.A. (NYSE:SPOT)

Aviva PLC raised its holdings in Spotify Technology S.A. (NYSE:SPOT) by 3,584.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 208,897 shares of the company’s stock after purchasing an additional 203,227 shares during the quarter. Aviva PLC’s holdings in Spotify Technology were worth $93,456,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SPOT. Thrivent Financial for Lutherans boosted its stake in Spotify Technology by 566.1% in the fourth 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 in the last quarter. Jennison Associates LLC bought a new position in shares of Spotify Technology in the fourth quarter worth about $1,335,575,000. Marks Group Wealth Management Inc acquired a new stake in shares of Spotify Technology in the 4th quarter valued at approximately $535,000. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Spotify Technology during the 4th quarter valued at approximately $214,000. Finally, Swedbank AB increased its position in Spotify Technology by 20.9% during 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 in the last quarter. Institutional investors own 84.09% of the company’s stock.

Spotify Technology Trading Down 9.9 %

SPOT opened at $502.90 on Friday. The company has a fifty day moving average price of $583.28 and a two-hundred day moving average price of $484.42. Spotify Technology S.A. has a 1-year low of $267.76 and a 1-year high of $652.63. The company has a market cap of $102.95 billion, a P/E ratio of 84.52 and a beta of 1.75.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Canaccord Genuity Group raised their target price on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a research report on Wednesday, February 5th. Citigroup raised their price objective on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $658.00 target price (up previously from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Macquarie lifted their price target on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $480.00 price objective (down previously from $490.00) on shares of Spotify Technology in a research note on Tuesday, January 28th. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $557.47.

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.