Fmr LLC Buys 473,569 Shares of Spotify Technology S.A. (NYSE:SPOT)

Fmr LLC lifted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 30.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,041,387 shares of the company’s stock after acquiring an additional 473,569 shares during the period. Fmr LLC’s holdings in Spotify Technology were worth $913,276,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SPOT. Prestige Wealth Management Group LLC bought a new stake in Spotify Technology during the third quarter worth about $26,000. Hillsdale Investment Management Inc. bought a new position in Spotify Technology during the fourth quarter valued at approximately $27,000. Hobbs Group Advisors LLC purchased a new position in shares of Spotify Technology during the third quarter worth approximately $33,000. Quent Capital LLC lifted its holdings in shares of Spotify Technology by 135.7% in the 4th quarter. Quent Capital LLC now owns 99 shares of the company’s stock worth $44,000 after acquiring an additional 57 shares during the last quarter. Finally, Noble Wealth Management PBC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at $52,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

NYSE:SPOT opened at $517.15 on Tuesday. The stock has a 50-day simple moving average of $583.36 and a two-hundred day simple moving average of $487.52. The firm has a market capitalization of $105.86 billion, a PE ratio of 86.92 and a beta of 1.75. Spotify Technology S.A. has a 52-week low of $267.76 and a 52-week high of $652.63.

Analysts Set New Price Targets

Several research firms have issued reports on SPOT. Canaccord Genuity Group upped their price target 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. Redburn Atlantic began coverage on shares of Spotify Technology in a report on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 target price on the stock. KeyCorp upped their price target on shares of Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a report on Friday, January 31st. FBN Securities started coverage on shares of Spotify Technology in a research report on Friday, March 28th. They set a “sector perform” rating and a $645.00 price target for the company. Finally, Citigroup boosted their price target on Spotify Technology from $540.00 to $720.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Nine analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.