Spotify Technology S.A. (NYSE:SPOT) Stake Lifted by Sit Investment Associates Inc.

Sit Investment Associates Inc. raised its stake in Spotify Technology S.A. (NYSE:SPOT) by 74.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 21,453 shares of the company’s stock after buying an additional 9,185 shares during the quarter. Sit Investment Associates Inc.’s holdings in Spotify Technology were worth $9,598,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of SPOT. Katamaran Capital LLP acquired a new position in shares of Spotify Technology during the fourth quarter worth approximately $3,512,000. Aviva PLC grew its stake in shares of Spotify Technology by 3,584.3% in the fourth quarter. Aviva PLC now owns 208,897 shares of the company’s stock worth $93,456,000 after purchasing an additional 203,227 shares in the last quarter. Prudential PLC increased its holdings in shares of Spotify Technology by 189.8% during the fourth quarter. Prudential PLC now owns 5,904 shares of the company’s stock valued at $2,641,000 after purchasing an additional 3,867 shares during the period. PAX Financial Group LLC raised its stake in shares of Spotify Technology by 20.9% during the fourth quarter. PAX Financial Group LLC now owns 851 shares of the company’s stock valued at $381,000 after purchasing an additional 147 shares in the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC lifted its holdings in Spotify Technology by 158.8% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,255 shares of the company’s stock worth $561,000 after purchasing an additional 770 shares during the period. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Trading Down 9.9 %

Shares of NYSE:SPOT opened at $502.90 on Friday. The firm has a market cap of $102.95 billion, a price-to-earnings ratio of 84.52 and a beta of 1.75. Spotify Technology S.A. has a 1 year low of $267.76 and a 1 year high of $652.63. The business has a fifty day simple moving average of $583.28 and a 200 day simple moving average of $485.42.

Analyst Upgrades and Downgrades

A number of analysts have commented on SPOT shares. Citigroup boosted their price target 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. Redburn Atlantic initiated coverage on Spotify Technology in a research report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price for the company. China Renaissance assumed coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price target on the stock. The Goldman Sachs Group upped their price objective on Spotify Technology from $550.00 to $695.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Finally, Morgan Stanley lifted their target price on Spotify Technology from $550.00 to $670.00 and gave the stock an “overweight” rating in a report on Wednesday, February 5th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $557.47.

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.